The CEO of the biggest cryptocurrency exchange in the world said that the community has gone through this before.
In a recent interview, Binance CEO Changpeng Zhao, often known as “CZ,” said that a hypothetical crypto winter is excellent for business.
He responded firmly when asked how Binance would cope through the current crypto winter, after news of recruiting freezes at Gemini and Coinbase.
“This is not the first crypto winter we’ve experienced. If a crypto winter were to occur, it would be my third and Binance’s second. Therefore, we have gone through this before.”
Changpeng Zhao has done something that is risky for many exchanges: he is hiring new employees during a bear market so that he can take advantage of the next possible bull market. “Now is a far better time to employ than during bull markets, when everyone is launching their own enterprises and receiving exorbitant salary,” he concluded.
Now that the markets are more balanced, elite talent is readily accessible, and we want to employ it. The crypto-world has been experiencing a slump in recent weeks, but the CEO of Binance believes that this is an opportune opportunity for enterprises to grow and employ.
In the meanwhile, a number of cryptocurrency exchanges, including Coinbase and Gemini, have blocked new recruits and fired off personnel. In response to market circumstances, companies like as Crypto.com and BlockFi have also laid off more than 5 percent of their workforce. In April, trading site Robinhood also laid off 9 percent of its workforce.
Changpeng stated, “Binance has always been thrifty with huge expenditures; we did not sponsor the Super Bowl and we did not purchase stadium naming rights.”
Binance suspended BTC withdrawals momentarily on June 13 owing to a blocked transaction generating a backlog, although CZ verified that funds were ‘SAFU’ and withdrawals were restarted a few hours later.
Also Read: Coinbase Fires 1,100 Workers To Get Ready For A Long Bear Market
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