Amid rising inflation concerns, investors are turning away from riskier assets. The crypto decline is closely tracking the equity market, and considering the current fragility, negative sentiment is evident throughout the space. But Binance CEO CZ believes that the crypto winter is a great time to hire people.
- At the 2022 Consensus Conference, the CEO revealed that despite the turbulent market conditions, the time has come to increase investment in talent and acquisitions.
- CZ said that Binance is “kicking into high gear in terms of M&A activity.”
“We have a very healthy battle chest, we’re actually expanding hiring right now.”
- According to CZ, Binance was cautious when it came to pouring money and avoided large promotional spends such as Super Bowl ads.
- On the other hand, its rival exchanges have entered into sponsorship deals at major sports venues. This was especially evident from companies such as Cryptocom, FTX and Coinbase. Some have now stopped hiring new employees and have even suggested they may lay off staff members.
- CZ noted that during last year’s bull phase, everyone launched their own projects and paid “ridiculous compensation.” However, now that the market is facing a downturn, Binance plans to “leverage it” and “make the most of it”.
- The latest comments come on the heels of yet another crypto winter, which has resulted in industry freezes, layoffs and cancellation of job offers.
- Earlier this month, Coinbase said it would halt its hiring efforts in the near future.
- Winklevoss twins-led Gemini also announced that it will lay off 10% of its workforce as the crypto market failed to see a meaningful reversal with increasing geopolitical and macroeconomic turmoil.
- Africa-based exchange, BitMEX, also laid off 25% of its workforce.
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