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

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, 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.

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).

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.

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).

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