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Binance Plans To Expand Hiring By 15-30% In 2023 Despite Crypto Market Slump

Key Highlights

  • The world’s leading cryptocurrency exchange by trade volume, Binance, is planning to increase its workforce in 2023 significantly.
  • According to CEO Changpeng Zhao, the company focuses on expanding its staff by 15% to 30%.

Binance is planning to expand its workforce in the year 2023. At the Crypto Finance Conference in Switzerland, CEO Changpeng Zhao said that the company is looking to expand its staff by 15% to 30%.

The news is a surprise, as many other major exchanges have announced significant job cuts in the face of a prolonged slump in the crypto market. Zhao added that they would continue building and ramping up again before the next bull market.

Binance, the crypto exchange, more than doubled its staff last year, growing to almost 8,000 employees from 3,000, according to Zhao. However, he said that the exchange is not super efficient and aims to organize it better in the future.

Zhao also stated that the recent collapse of rival exchange FTX on the crypto industry has had a limited impact on the crypto industry and will continue to thrive.

Binance Plans Hiring Spree In 2023

Binance has planned hiring spree is contrary to rival exchanges that have announced massive staff cuts amid a year-long slump in crypto prices, with Bitcoin down 73% from an all-time high of US$69,044 in November 2021.

Other significant exchanges have not been as optimistic about the future. For example, Kraken announced a 30% reduction in staff in November, while Huobi and Coinbase have also announced significant job cuts.

FTX, once the second-largest exchange in the world by trade volume, collapsed in November due to improper disclosure and misappropriation of client funds, sparking a mass exodus of investors from crypto exchanges.

According to CoinMarketCap data, the total cryptocurrency market capitalization currently sits at $873 billion, nearly 20% lower than the November peak of $1.06 trillion before the FTX collapse.

Despite the recent downturn, Binance remains optimistic about the future and is looking to capitalize on the next bull market by expanding its workforce.

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