The CEO of Binance, Changpeng Zhao, commonly known as “CZ”, said in a recent interview that a potential cryptocurrency bear market is good for business.
When asked how Binance will fare during the current “crypto winter” following the news of a hiring freeze at Gemini and Coinbase, he replied very confidently.
“It’s not the first time we’ve been through a crypto winter. If we’re in a crypto winter, it would be the third for me and the second for Binance. So it’s not the first time we’ve been through this.”
Some climbing ahead. Not the first time, won’t be the last. We will get there.
— CZ Binance (@cz_binance) June 13, 2022
Changpeng Zhao has undertaken what, for many exchanges, is a controversial endeavor: hiring new staff during a bear market to take advantage of the next potential bull market. “It’s much better to hire these days, during bull markets, everyone is starting their own projects, and everyone is getting a ridiculous amount of compensation,” continuous:
“Now the markets are more balanced, so the best talent is available and we want to hire them.”
The world of cryptocurrencies has suffered a period of decline in recent weeks, but the head of Binance continues to recommend that now is an excellent time for companies to expand and hire.
However, many cryptocurrency exchanges, such as Coinbase and Gemini have frozen new hires and laid off employees. Companies like Crypto.com and BlockFi have also laid off more than 5% of their workforce due to market conditions. trading platform Robinhood also laid off 9% of its staff in April.
CZ went on to state that “Binance has always been very frugal when it comes to big spending, we don’t sponsor the Super Bowl” and “we don’t buy stadium naming rights.”
Binance suspended temporarily BTC withdrawals due to a stuck transaction that caused a delay on June 13, but CZ confirmed that the funds were safe and withdrawals from the Bitcoin network later resumed.
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