Binance's CZ to Take Advantage of Current Crypto Bear Market

Binance's CZ to Take Advantage of Current Crypto Bear Market

CZ seeks to expand operations despite the market carnage.

Changpeng Zhao (CZ), CEO of the world’s largest crypto exchange Binance, remains unfazed by the current crypto market turmoil as he recently implied that crypto winter is the best time to start hiring new employees.

According to CZ, the crypto bear market is a good opportunity to find “top talents” as the crypto markets are now “more balanced.” He added:

“Right now is much better to hire, during bull markets, everyone is starting their own projects, and everyone is getting paid a ridiculous amount of compensation.”

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Yi He, the co-founder of Binance, also commented that the exchange is currently looking for around 2,000 employees in different fields, “from engineers, product, marketing to business development.” She added:

“The crypto space is still in its early stages, and bull markets tend to care more about price while bear markets have more value-conscious teams that continue to build the industry. We see this as a great time to bring on top talent."

On top of that, amid various crypto exchanges laying off a significant amount of their workforce, Binance remains confident that it’s the perfect time for companies to expand. CZ also mentioned that “it’s not the first time we’ve gone through a crypto winter,” adding that this was his third time facing such harsh market conditions.

Earlier in June, a crypto exchange dubbed Gemini fired 10% of its employees, explaining that such a decision was driven by the current bear crypto market. Likewise, on June 14, another cryptocurrency exchange platform Coinbase announced that it would be laying off roughly 18% of its team members.

Yesterday, Binance and Splyt, one of the most popular B2B global lifestyle services networks, partnered up to provide over 90M Binance users the opportunity to pay for ridehailing and other various services in different cryptocurrencies.

Gyth L. - Crypto Analyst

by Gyth L. - Crypto Analyst, BitDegree