The exchange's CEO, Changpeng Zhao, told the Consensus 2022 conference that the company has a "very healthy war chest" — in part because it didn't splash cash on big sponsorship deals.
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Binance has said that it plans to ramp up hiring despite the crypto winter.
The exchange's CEO, Changpeng Zhao, told the Consensus 2022 conference that the company has a "very healthy war chest" — and also intends to splurge on mergers and acquisitions.
A number of big names in the crypto industry have made painful layoffs — and in hindsight, some may have spent a little too aggressively on marketing while times were good.
Crypto.com splurged $700 million on the naming rights to the LA stadium formerly known as the Staples Center last year — and fast forward to now, 5% of its workforce are being let go.
CZ went on to explain that Binance had been a little bit more cautious during the bear market — and while other firms spent big bucks on glitzy ads during the Super Bowl, his exchange focused on a more modest campaign that warned against celebrity endorsements.
Binance is the parent company of CoinMarketCap.
A Great Opportunity?
CZ vowed to leverage the crypto winter "to the max" — and the redundancies seen in other firms could mean that Binance has access to a pool of top talent.
"The crypto space is still in its early stages, and bull markets tend to care more about price while bear markets have more value-conscious teams that continue to build the industry. We see this as a great time to bring on top talent."
FTX's CEO Sam Bankman-Fried has also said that his exchange will continue to grow despite the downturn in the markets — and attributed this to how his trading platform had been hiring carefully in the first place.