While companies are affected by the harsh effects of the crypto winter; Binance has announced plans to aggressively expand its reach through recruitment and lucrative deals. Meanwhile, Binance’s institutional arm, Binance Institutional, announced about 5 altcoins
Binance CEO talked about the strong financial situation of the stock market
Binance CEO Changpeng Zhao, at the Consensus 2022 conference, talked about the unpleasantness of the markets. shared its plans to increase staff strength with new hires between prices. Zhao said that Binance has a “very healthy war chest.” “We are actually expanding hiring right now,” he said. The CEO said that increasing the number of staff on the exchange is not the only thing on Binance’s agenda as it will begin increased M&A activities.
Binance’s decision to expand amid crypto winter may be viewed with suspicion. However, Zhao claimed that the firm’s strong financial position was due to their “thrifty” and not overspending on marketing. As we reported as Kriptokoin.com, it has spent millions of dollars in the past to acquire the naming rights of the rival exchanges, Super Bowl commercials and stadiums (eg Crypto.com). “During bull markets, everybody starts their own projects, everybody pays ridiculous money,” Zhao said. If we’re in crypto winter, we’re going to take advantage of it, we’re going to maximize it.”
Binance’s competitors in contraction direction
A look at Binance’s career page reveals various job postings spread across multiple countries in the areas of Business Development, Communications, Customer Support, Data & Research, and Quantitative Strategy . The exchange also announced its plan to improve the $200 million strategic investment it made with Forbes earlier in the year. Crypto prices have turned upside down in the past 30 days as Bitcoin hit an 18-month low. The outflow of capital from the space and massive crypto liquidations caused Coinbase to freeze its news staff hiring for the exchange and even make extra efforts to terminate contracts.
Gemini, another leading US crypto exchange, has announced that the company will cut its workforce by 10 percent. In a letter shared to employees, Gemini noted that “this is exacerbated by the current macroeconomic and geopolitical turmoil.” Rain Financial, Buenbit, and Bitso announced staff downsizing in light of the crypto winter that has shaken the markets. Guggenheim’s Scott Minerd predicts that this winter he could bring the price of Bitcoin down to $8,000.
Exchange announced 5 altcoins
Meanwhile, Binance said that Binance Custody service now supports deposits and withdrawals for various altcoins. According to the statements, the exchange supports Ampleforth (AMP), Lido Finance (LDO), IOST (ISOT), Serum (SRM), and Ethereum Name Service (ENS).
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