• Binance, a crypto exchange, has announced that it will be increasing its workforce by 15-30% in 2023.
• This comes at a time when rival exchanges have been laying off employees due to the crypto industry downturn and a massive FTX fall.
• Coinbase, Kraken, and Huobi have all announced major layoffs recently.
Binance, one of the world’s leading cryptocurrency exchanges, has announced plans to increase its workforce by 15-30% in 2023. The announcement was made by Binance CEO Changpeng Zhao at the Crypto Finance Conference held in St. Moritz, Switzerland. This comes at a time when rival exchanges have been laying off employees due to the current crypto industry downturn and a massive FTX fall.
Currently, Binance has 687 job openings on its website’s careers page. This is in addition to the 5,000 workers that were hired in the previous year, as stated by Zhao at the conference. The news of the exchange hiring comes at a time when other crypto companies are cutting jobs. Coinbase recently announced its plan to fire over 900 employees from a total of 4,700 employees, which would mean 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.
Binance, on the other hand, remains optimistic despite $1.4 trillion evaporating from the crypto market. The exchange has been investing in technology, products, and teams to strengthen its position in the industry and increase its market share. Binance has also been actively expanding into international markets, including launching its own fiat-to-crypto exchange in Singapore and launching its own crypto-to-fiat exchange in Uganda. In addition, Binance recently received the green light to trade cryptocurrencies in Sweden, as part of its European expansion.
It appears that Binance is well-positioned to not just survive the current turmoil in the crypto market, but also to come out stronger. With the new hiring drive, the exchange further solidifies its position as a major player in the cryptocurrency space.