Amidst Mass Layoffs, Binance Announces 2,000 Open Job Positions

Binance, the world’s largest cryptocurrency exchange, says it is undergoing talent recruitment for 2,000 open positions in its exchange. 

Changpeng Zhao, the exchange’s Co-Founder and Chief Executive Officer (CEO), disclosed this on Wednesday in a Twitter post.  “It was not easy saying no to Super bowl ads, stadium naming rights, large sponsor deals a few months ago, but we did. Today, we are hiring for 2000 open positions for #Binance,” the CEO wrote on Twitter.

It was not easy saying no to Super bowl ads, stadium naming rights, large sponsor deals a few months ago, but we did.Today, we are hiring for 2000 open positions for #Binance. pic.twitter.com/n24nrUik8O

— CZ 🔶 Binance (@cz_binance) June 15, 2022

Massive Job Cuts Binance’s announcement comes amidst massive job cuts from rival cryptocurrency exchanges. 

Yesterday, Coinbase, an American cryptocurrency exchange, disclosed that it is pruning its workforce by 18%. 

The CEO, Brian Armstrong said the action was part of the exchange’s preparation for a recession it said could lead to another crypto winter.

He added that trading revenue, the exchange’s largest revenue source, slumped significantly during previous crypto winters.

A crypto winter is a period of a downward spiral in cryptocurrency prices.

“While it’s hard to predict the economy or the markets, we always plan for the worst, so we can operate the business through any environment,” he said.

Two weeks earlier, Gemini, a rival cryptocurrency exchange, said it was shedding its staff capacity by 10%.

Gemini’s CEO, Tyler Winklevoss, and the President, Cameron Winklevoss, cited “current macroeconomic and geopolitical turmoil” for the measure.

The executives explained that the step will position the exchange to “be the catalyst of innovation coming out of these leaner times that will help fuel the next cycle of crypto growth and adoption.”

BlockFi, a crypto lending service, and Crypto.com, a Singapore-based cryptocurrency exchange, have previously announced similar job cuts.

Crypto Crash

On Monday, Bitcoin slumped 14%, dropping below $24,000, which is the lowest since December 2020.

According to estimates, more than $200 billion was lost in the cryptocurrency market during the crash.

TIME reports that the fall follows the release of the May 2022 Consumer Price Index by the US Bureau of Labor Statistics. 

During the period, other top cryptocurrencies slumped between 15 and 25%. These includes Ethereum (ETH), Cardano (ADA), Solana (SOL) and Dogecoin (DOGGE).

This article was written by Solomon Oladipupo at www.financemagnates.com.