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.
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.