Amid heightened inflation concerns, investors are steering away from riskier assets. Crypto declines are closely tracking the equity market, and given the current fragility, negative sentiment across the space is palpable. But Binance CEO CZ believes crypto winter is a great time to hire people.
At the Consensus 2022 conference, the chief executive revealed now is the time to ramp up investment in talent and acquisitions, despite the turbulent state of the market.
CZ said that Binance is “kicking into high gear in terms of M&A activity.”
“We have a very healthy war chest, we, in fact, are expanding hiring right now.”
According to CZ, Binance had been cautious while pouring money and stayed away from big promotional spending such as Super Bowl ads.
Its rival exchanges, on the other hand, have inked sponsorship deals across major sports venues. This was particularly evident from companies such as CryptoCom, FTX, and Coinbase. Some have now halted hiring new employees and even suggested they might lay off staff members.
CZ noted that during last year’s bull market phase, everyone started their own projects and paid “ridiculous compensation.” However, now that the market faces a downturn, Binance plans to “leverage that,” and “use that to the max.”
The latest comments come on the heels of yet another crypto winter that has resulted in hiring freezes, layoffs, and a rescinding of job offers in the industry.
Earlier this month, Coinbase said it would pause its hiring efforts for the near future.
Winklevoss twins-led Gemini also announced that it will lay off 10% of its staff as the crypto market failed to see a meaningful reversal with increasing geopolitical and macroeconomic turmoil.
Africa-based exchange, Bitmax also laid off 25% of its staff.