Binance to Hire 15-30% More Employees Despite Crypto Downturn

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• Binance is planning to increase its workforce by 15-30% in 2023, as mentioned by Binance CEO Changpeng Zhao at the Crypto Finance Conference.
• The news of the exchange hiring surfaced at a time other crypto companies are cutting jobs due to the market downturn.
• Coinbase, Kraken, and Huobi are among the companies that have carried out major layoffs.

Crypto exchange Binance has recently announced that it will be conducting a hiring drive amidst the current market turmoil. This decision comes at a time when many other rival exchanges have been forced to lay off employees due to the massive FTX fall and the crypto industry downturn.

At the Crypto Finance Conference held in St. Moritz, Switzerland, Binance CEO Changpeng Zhao announced that the crypto exchange will increase its workforce by 15-30% in 2023. This would add to the 5,000 workers that were hired in the previous year, as stated by Zhao. Currently, Binance has 687 job openings on its website’s careers page.

Coinbase, Kraken, and Huobi are among the companies that have carried out major layoffs. Coinbase has 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. On the other hand, Kraken has also announced that it would be cutting around 30% of its workforce, while Huobi is expected to lay off around 20% of its employees.

Despite the market uncertainty and the layoffs, Binance remains optimistic about the future. With its new hiring drive, the exchange is hoping to increase its workforce and strengthen its foundation in the crypto industry. As Zhao mentioned at the conference, Binance is hoping to “ramp up again before the next bull market”.