Amid the recent crypto market crash, many big crypto firms are struggling to manage their finances. The firms are laying off their staff as it is getting more difficult for crypto businesses to sustain in this bearish trend. Coinbase, Gemini Trust Co., and Rain Financial, and more crypto firms, announced layoffs and recruiting curbs in the month of May. On June 12, Binance founder and CEO Changpeng Zhao (CZ) stated that crypto winter is a great time to expand its hiring and focus on new acquisitions at the Consensus 2022 conference. Crypto world praised the CZ management skills after this announcement.
Changpeng Zhao, Binance CEO, remarked:
“We have a very healthy war chest, we in fact are expanding hiring right now. If we are in a crypto winter, we will leverage that, we will use that to the max.” He added that Binance is “kicking into high gear in terms of M&A activity.”
According to CZ, Binance is in a better position compared to other crypto firms in financial management as it has mostly avoided spending huge amounts of money in advertising, such as Super Bowl ads or naming rights to sports venues, which has helped its capacity to grow amid the recent crypto market crash.
Many users on Twitter praised CZ’s financial management skills. One user_TheMoonCarl stated, “Binance is a leading example of how to build a business fast in crypto!”
Binance is a leading example of how to build a business fast in crypto!
— The Moon (@TheMoonCarl) June 14, 2022
While other user_cryptoomar replied to Changpeng Zhao, stating that ‘Binance is the exception because the vision is to build and not halt.’ Twitter user @Dijkema3 expressed his thoughts, stating: “It’s a bit disappointing to see companies like crypto.com spending billions on marketing… Then, a few months later, they layoff workers, which does not sound credible. Keep up the good work, CZ.”
Its a bit disappointing to see companies like @crypto.com spending billions in marketing… Then a few months later, laying off people. Doesn't sound trust worthy. Keep up the good work @cz_binance
— Holeybo 💎 🙌 (@Dijkema3) June 14, 2022
Zhao noted that in addition to new hires and a focus on acquisitions. Binance is also aiming to continue investing in other companies. Binance invested $200 million in Forbes in February to help blockchain technology expand into other industries.
The crypto market’s decline began in April and extended over the weekend. The global cryptocurrency market is down by 11% in the last 24 hours. Bitcoin and Ether, the two most popular cryptocurrencies, have dropped by 9.95% and 7.80% in the last 24 hours, respectively.
Read more:
- Binance CEO says “Some climbing ahead” in crypto market amid extreme market condition
- Binance temporarily halts Bitcoin withdrawals amid crypto market crash
