Binance CEO Changpeng Zhao (CZ) has said that the bear market is a great time for crypto companies to hire more people and increase investments, Bloomberg News reported June 13.
He said this during the Consensus conference in Austin, Texas. When asked about Coinbase’s decision to freeze hiring, he said:
“We have a very healthy war chest; we in fact are expanding hiring right now.”
He added that Binance is “kicking into high gear in M&A activity.”
Zhao spoke extensively about the advantages of crypto winter, saying there are so many projects during the bull market and compensation demands are usually high.
But the market is more balanced in the bear market. “if we are in a crypto winter, we will leverage that, we will use that to the max,” he concluded.
His statements mean Binance is looking to increase investments and add to its growing portfolio that already includes a $200 million investment in Forbes.
Crypto companies facing job slashes
While Binance might be considering new investments and hiring, the overall sentiment in the crypto scene is different. Several companies in the space have recently announced hiring freezes or job slashes.
Last week, Coinbase announced it would be freezing hiring. The Brian Armstrong-led exchange rescinded several job offers accepted by potential employees.
Gemini, a crypto exchange owned by the Winklevoss twins, also announced that it is cutting down employees by 10%, blaming its decision on the market downturn.
Crypto derivatives platform BitMex and Argentinian exchange Buenbit have laid off 75 and 80 employees, respectively. Even Robinhood sacked 9% of its full-time employees in April.
Earlier today, another crypto exchange, Crypto.com, announced it is laying off 260 employees.
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Author: Oluwapelumi Adejumo