Binance CEO Changpeng Zhao (CZ) tweeted on Wednesday that his company is actively looking to fill 2,000 open positions.
This is in contrast to competitors, many of whom have recently announced layoffs.
Binance defies the crypto layoff trend
In response to worsening economic conditions, several crypto firms have recently announced layoffs.
Coinbase CEO Brian Armstrong announced on Tuesday that his company would cut 18% of its workforce (roughly 1,100 employees) in order to protect itself from recessionary pressures. He also admitted that he is to blame for overhiring during the bull market, which resulted in overstaffing.
BlockFi announced this week that it would lay off 20% of its workforce (roughly 170 people) in order to maintain profitability in these difficult economic times.
Crypto.com stated that a 5% workforce reduction (or 260 employees) was required to protect the company from the current market situation.
Similarly, Cameron and Tyler Winklevoss announced at the beginning of this month that Gemini was laying off 10% of its employees as the market entered a contraction phase.
The company did not say how many people would be affected, but its LinkedIn page says it has just over 1,000 employees, implying a loss of around 100 jobs.
FTX CEO Sam Bankman-Fried stated that the company had hired carefully over the years and increased revenue without increasing expenses. This allows FTX to keep pushing forward” rather than back down.
11) We have 10% as many employees as others, but when it comes to output, I would take on any of them.
We built FTX, originally, with two developers. Having 25 today allows us to scale.
Never underestimate what each developer can get done in the right environment.
— SBF (@SBF_FTX) June 6, 2022
CZ criticises rivals
Contrary to popular belief, CZ tweeted that Binance is on a hiring spree to fill 2,000 positions at the company. He claims that this is possible because the company has kept advertising expenditures under control.
It was not easy saying no to Super bowl ads, stadium naming rights, large sponsor deals a few months ago, but we did.
— CZ 🔶 Binance (@cz_binance) June 15, 2022
Binance’s Super Bowl strategy was to show ads throughout the game rather than focusing on the more expensive half-time show, which can cost up to $6.5 million for a 30-second slot.
Meanwhile, the market leader Bitcoin continues to show signs of weakness, falling 28% since last Thursday.
All eyes are on the Fed as it prepares to announce its rate policy decision at 2 p.m. ET on June 15.