Changpeng Zhao, the CEO of the world’s largest cryptocurrency exchange Binance and also known as CZ, has in an interview indicated that this crypto bear market may actually be good for the exchange.
CZ indicated in the interview that it is not concerned about this ‘crypto winter’ either. He indicated that it is not his first bear market. He has experienced this himself three times and a Binance already twice.
Binance continues to accept
The cryptocurrency sector has been hit hard in recent times and many cryptocurrencies have fallen hard. Despite that, the Binance boss says it’s a perfect time to hire new employees. Despite other crypto companies firing employees, Binance will not.
Changpeng Zhao is taking the risk of hiring new employees in a down market in which sales should be worse. He does this so that when the weather clears up in crypto land, they have a big advantage.
“Right now it’s much better to hire people, during bull markets everyone starts their own projects and everyone gets a ridiculous amount of compensation. Now the markets are more balanced, so there are top talents available and we want to hire them.” he said.
Yet at the moment we see that other crypto exchanges are doing the opposite. They are firing employees. Some examples of these are, for example, Coinbase, Crypto.com, Gemini and BitMEX. They have laid off between 5% and 18% of their employees. Robinhood, a trading platform for traditional financial instruments, said it had laid off 9% of its employees in April.
How can Binance do this?
Changpeng has indicated that they can do this as they have always been very careful with large expenditures. He indicated that Binance did not buy a commercial during the super bowl or bought rights for a particular stadium.
These were, of course, references to Coinbase’s advertising during the super bowl and Crypto.com buying the rights from the Staples Center, renaming it to Crypto.com stage.