Binance CEO Changpeng Zhao (CZ) announced on June 15th that the company is actively seeking to recruit 2,000 vacant positions in comparison to numerous competitors. This includes Coinbase, BlockFi, Crypto.com, Gemini, and others, who had reportedly announced employee layoffs in the midst of current economic crises.
It was not easy saying no to Super bowl ads, stadium naming rights, large sponsor deals a few months ago, but we did.
— CZ 🔶 Binance (@cz_binance) June 15, 2022
Binance avoids the crypto layoff bandwagon
In reaction to deteriorating market situation, numerous crypto companies have already confirmed layoffs.
Coinbase CEO Brian Armstrong announced on June 14th that his organization would reduce 18% about 1,100 of its workers in order to protect the organization from recessionary pressures. He also admitted about overhiring during the bullish trend, which resulted in overstaffing.
1/ Today I shared that I've made the difficult decision to reduce the size of our team at Coinbase by about 18%. The broader market downturn means that we need to be more mindful of costs as we head into a potential recession.
— Brian Armstrong – barmstrong.eth (@brian_armstrong) June 14, 2022
BlockFi said on 13 June that it will lay off 20% of its workforce (about 170 personnel) in order to sustain profitability in these difficult economic times.
JUST IN: #Crypto lending platform BlockFi will lay off around 20% of its staff due to market conditions.
— Watcher.Guru (@WatcherGuru) June 13, 2022
Kris Marszalek, CEO of Crypto.com, stated on June 11th about cutting 5% around 260 workers, to safeguard the company from the present market condition.
Our approach is to stay focused on executing against our roadmap and optimizing for profitability as we do so.
— Kris | Crypto.com (@kris) June 11, 2022
Likewise, Cameron and Tyler Winklevoss announced at the beginning of this month that Gemini was laying off 10% of its employees as the market hit a contraction period.
FTX CEO Sam Bankman-Fried stated that the firm has expanded its revenue rather than its expenses over the years. This allows FTX to “push forward” rather than retreat down.
The company didn’t disclose how many individuals will be affected, although its LinkedIn profile says it has slightly over 1,000 employees, implying a loss of roughly 100 positions.
11) We have 10% as many employees as others, but when it comes to output, I would take on any of them.
We built FTX, originally, with two developers. Having 25 today allows us to scale.
Never underestimate what each developer can get done in the right environment.
— SBF (@SBF_FTX) June 6, 2022
Binance on a recruiting drive while criticizing rivals
CEO CZ stated that Binance is on a recruiting drive to fill 2,000 roles. This is achievable, he claims, since the company has kept a tight control on unnecessary advertising expenditure.
Binance Super Bowl plan was to run advertisements throughout the event which can cost up to $6.5 million for a 30-second window, despite focusing on the more highly priced half-time show.
However, Bitcoin, is showing symptoms of weakening, having dropped 28% since the 9th June.