Changpeng Zhao: The Crypto Winter is a Good Time to Expand Staff
Main page Opinion, Binance, Cryptocurrency Exchanges

Changpeng Zhao, CEO of crypto exchange Binance, has said at the Consensus 2022 conference the cryptocurrency winter is the right time to hire new employees and further develop the business through various acquisitions, Bloomberg has reported.

He has said:

"If we are in a crypto winter, we will leverage that, we will use that to the max."

According to him, at this stage, Binance is actively hiring staff and "will be embarking on increased merger and acquisition activities."

Zhao has stressed the exchange has not spent large amounts of money on advertising campaigns, such as those organized by various cryptocurrency platforms during the Super Bowl.

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Gemini, which is owned by the Winklevoss brothers, intends to reduce the number of employees by 10% due to the collapse of the cryptocurrency market and unfavorable macroeconomic conditions.

According to media reports, Coinbase began optimizing costs, including pausing staff expansion, after posting a net loss of nearly $430 million during the first quarter of 2022.

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