Binance War Chest Stands Strong In Face of Bear Market
With many of the world's top crypto companies cutting staff during the bear market, Binance does not appear to be affected and is continuing to expand hiring.
Binance Plans to Expand
The drop in cryptocurrencies tied to intimacy with the stock market has created a distinctly negative sentiment throughout the financial space. However, contrary to the crowd, Binance CEO Changpeng Zhao believes that “crypto winter” is the best time to expand operations.
At the Consensus 2022 conference that was held from June 9 to June 12, the CEO of Binance revealed that now is the right time for the exchange to increase investment in HR talent and make acquisitions, despite the market turmoil. He stated that Binance is achieving a high rate of merger and acquisition activity.
“We have a very good and resilient team. Binance is expanding recruiting at the moment.” CZ said.
» Crypto firms across the board are laying off employees and freezing hiring. Why is Binance the exception? | Fortune https://t.co/7h7NUpctrX— CZ 🔶 Binance (@cz_binance) June 14, 2022
CZ's Vision Keeps Binance Afloat
According to Mr. Changpeng Zhao, Binance has been cautious when pouring money and staying away from large advertising expenditures such as the Super Bowl event - which became a "great advertising war" between crypto exchanges in February 2022, as reported by Andrew Marquardt from Fortune.
Many of Binance's competitors have successively signed sports sponsorship deals across major continents. Crypto.com is a platform that has spent a lot of time on marketing to promote its name through sports. Besides sponsoring many clubs and sports organizations worldwide, the company invested $ 700 million in December 2021 to rename the Staples Center stadium in Los Angeles to Crypto.com Arena.
In addition, during this time, Coinbase has signed on as an official partner of the National Basketball Association(NBA), signed a brand ambassador agreement with NBA star Kevin Durant, and partnered up with numerous major esports organizations.
During the recession cycle, many companies mentioned above stopped hiring new employees and even proposed to terminate some existing employees. On June 14, Coinbase CEO Brian Armstrong posted an announcement on June 14, saying he would cut more than 18% of the company's staff, equivalent to about 1,100 employees.
Meanwhile, Crypto.com has just cut 260 employees, and up to 20% of employees have to say "goodbye" to BlockFi. Only FTX and Binance are still financially strong enough to stand on the market.
Five winners in this bear market. Am I missing anyone?— Frank Chimparro (@fintechfrank) June 14, 2022
- Justin Sun
Everyone else is very rekktd.
Finally, in addition to increasing staff recruitment, Binance is also planning to promote investment in various traditional companies, mainly starting from "inspiration" with an investment of 200 million dollars to Forbes magazine to popularize the use of blockchain technology. It will be done through Binance Labs' latest $500 million investment fund.
What is Binance:
Binance is the world's largest cryptocurrency exchange, founded in Shanghai, China, by Changpeng Zhao (CZ). Binance supports over 740 trading pairs on its platform.
With a low transaction fee (0.1%) as well as fast transaction processing, Binance has become the exchange with the largest trading volume in the cryptocurrency market. Binance exchange's technology can process 1.4 million orders per second, making it a top exchange in terms of the trading volume.
Where to find Binance:
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This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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