Binance Hiring Drive: Cryptocurrency Exchange Plans 15-30% Increase in Workforce

• Binance has announced a hiring drive, aiming to increase its workforce by 15-30% in 2023.
• Other crypto companies have been cutting jobs due to the market downturn, with Coinbase, Kraken, and Huobi all planning job cuts this year.
• Binance CEO Changpeng Zhao has stated his optimism towards the crypto industry, despite the $1.4 trillion that has evaporated from the market.

Crypto exchange Binance has announced plans to increase its workforce by 15-30% in 2023, amidst the market turmoil that has seen many rival exchanges carrying out major layoffs. This news of hiring comes as other crypto companies, such as Coinbase, Kraken, and Huobi, are cutting jobs due to the crypto industry downturn. Binance currently has 687 job openings on its website’s careers page, and CEO Changpeng Zhao has stated his optimism towards the crypto industry, despite the $1.4 trillion that has evaporated from the market.

At the Crypto Finance Conference held in St. Moritz, Switzerland, Zhao stated that Binance would “continue to build and hopefully we will ramp up again before the next bull market.” This announcement comes after the exchange hired 5,000 employees in the previous year. Zhao also noted that the crypto industry is still in its early stages and that the sector will continue to grow and expand over time. He expressed confidence that the crypto market is still in its infant stages and that it will continue to expand and mature.

Coinbase, one of the crypto companies that is carrying out job cuts, recently announced its plan to fire over 900 employees from a total of 4,700 employees, meaning that 20% of the company’s workforce would be rendered jobless. Kraken, too, announced that it would be cutting around 30% of its workforce. Huobi also plans on job cuts this year, and an estimated 20% of its workforce is expected to be laid off. For Coinbase, however, this would be a second round of layoffs.

Despite the market downturn, Binance remains optimistic about its future prospects. With the new hiring drive, Binance aims to add to the 5,000 workers that were hired in the previous year, as mentioned by Zhao at the Crypto Finance Conference. The exchange is investing in its future and believes that, with the right talent on board, it will be able to succeed despite the current market conditions. Additionally, Binance recently received the green light to trade crypto in Sweden as part of its European push.

The news of Binance’s hiring drive comes as a sign of hope for the crypto industry, which has been facing difficult times with the massive FTX fall and the evaporation of $1.4 trillion from the market. With the right talent on board, Binance is hoping to be able to weather the storm and come out stronger on the other side.