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CZ: Binance Has a Healthy War Chest To Weather the Crypto Winter and Will Expand Hiring

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Summary:

  • Binance CEO, CZ, has said that the exchange has a healthy war chest to get through the ongoing crypto winter.
  • CZ also reiterated that Binance is hiring right now.
  • He also pointed out that Binance is frugal, avoiding expensive spending like Super Bowl advertisements.

Binance CEO, CZ, has stated that the exchange has a healthy financial war chest to assist the crypto exchange in weathering the ongoing crypto winter. CZ went on to add that bear markets are some of the best times to carry out acquisitions.

The Binance CEO shared his insights on the ongoing crypto market happenings during a video link at the Consensus 2022 conference, where he said the following:

We have a very healthy war chest, we in fact are expanding hiring right now. [Binance is also] kicking into high gear in terms of M&A activity.

During bull markets, everyone’s starting their own projects, everyone’s paying everyone ridiculous compensation. Now the market is more balanced, if we are in a crypto winter, we will leverage that, we will use that to the max.

Binance is Frugal and Avoids Expensive Spending – CZ

CZ also highlighted that Binance is frugal and does not spend its funds on expensive promotional advertisements such as Super Bow Ads or acquiring the naming rights of stadiums and sporting venues. The latter has been the case for the FTX exchange and Crypto.com. Coinbase also ran an ad during this year’s Super Bowl finals between the Los Angeles Rams and the Cincinnati Bengals.

Crypto.Com Announces it Will Let go of 260 Employees.

As Binance ramps up its hiring activities, Coinbase and Gemini have both issued statements that they will be slowing down on hiring and letting go of some of their employees.

In addition, the CEO of Crypto.com, Kris Marszalek, announced via Twitter that the crypto exchange was laying off 260 employees, or 5% of its workforce, due to the ongoing crypto winter conditions. He explained:

Lot’s of questions and speculation flying around regarding what Crypto.com is doing during the market downturn. Some of you have been with us since 2016/2017 and have seen us building steadily, with conviction throughout the 2018/2019 winter.

That conviction, that focus on building throughout the bear market (in spite of crypto naysayers being out in full force) was what made us one of the fastest growing companies in 2021, reaching 50m users milestone.

That means making difficult and necessary decisions to ensure continued and sustainable growth for the long term by making targeted reductions of approximately 260 or 5% of our corporate workforce.

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