- As many crypto exchanges are downsizing, Binance's CEO said the company was expanding its hiring.
- The company currently has 2,000 open roles, according to founder Yi He.
- Meanwhile, several large exchanges have announced layoffs in recent weeks.
The CEO of the world's largest cryptocurrency exchange, Binance, said the company would be doubling down on hiring despite the "crypto winter."
"We have a very healthy war chest; we, in fact, are expanding hiring right now. If we are in a crypto winter, we will leverage that. We will use that to the max," Binance founder and CEO Changpeng Zhao said via video at the crypto-focused Consensus 2022 this past weekend in Austin, Texas, according to Fortune.
"We currently have more than 2,000 roles open from engineers, product, marketing to business development," Binance co-founder Yi He told Fortune. "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."
The cryptocurrency market reached a record market value of $3 trillion in November, per Bloomberg. Crypto exchanges rode on the wave and splurged on marketing campaigns to make their presence felt. Coinbase, for example, spent a reported $14 million on a 30-second Super Bowl ad slot in February. And Crypto.com forked out a reported $700 million to have Staples Center in Los Angeles renamed the Crypto.com Arena for the next two decades.
But this year, the cryptocurrency market tumbled as investors diverted their money away from digital tokens into other assets that guarantee better returns. The market value fell below $1 trillion on Monday, according to Bloomberg. With investors holding off on buying and selling these digital currencies, crypto trading platforms have seen their revenues dry up.
Crypto.com and Gemini announced in recent weeks that they were going to lay off workers amid turbulent market conditions. Coinbase said on June 2 that it was freezing hiring and withdrawing job offers, and on Monday, the CEO of crypto firm BlockFi said the company would be laying off 20% of its employees.
A Utah resident sued Binance's American affiliate for falsely marketing a crypto-token as a safe asset
Zhao's comments on Binance's "healthy war chest" comes as the company contends with a lawsuit that alleges it falsely advertised stablecoins Terra USD and Luna as "fiat-backed." Zhao acknowledged at the conference that Binance could do more to educate users about cryptocurrencies, per Bloomberg.
The meltdown of the two stablecoins wiped out a combined market value that once peaked at $60 billion, and drove several investors to desperation.
"These assertions are without merit and we will defend ourselves vigorously," a Binance spokesperson told Reuters.
Binance did not immediately respond to Insider's request for comment.