Binance CEO Changpeng Zhao, commonly known as “CZ”, said in a recent interview that a potential crypto winter is a good business for the market.
When asked how Binance will perform during the current crypto winter following reports of recruitment halvings at Gemini and Coinbase, he answered confidently.
“This is not the first time we have gone through a crypto winter. If we are in a crypto winter, it will be my third and Binance’s second. So this is not the first time we have gone through this.”
Some are going up. Not the first time, won’t be the last. we will get there.— CZ Binance (@cz_binance) 13 June 2022
Changpeng Zhao has, for many exchanges, made a hairy effort – recruiting new employees during a bear market to take advantage of the next potential bull market. “It is better to hire now, during a bull market, everyone is starting their own projects, and everyone is being paid ridiculous amounts of compensation,” he continued:
“Now the markets are more balanced, so top talent is available, and we want to keep hiring them.”
The crypto-world has faced a period of decline over the past few weeks, but the Binance boss still recommends that now is an excellent time for companies to expand and hire.
related: Major crypto firms reportedly cut up to 10% of staff amid bear market
In the meantime, however, several crypto exchanges such as Coinbase and Gemini have started hiring new and laying off employees. Companies such as Crypto.com and BlockFi have also laid off more than 5% of their employees due to market conditions. Trading platform Robinhood also laid off 9% of its employees in April.
Changpeng continued by saying that “Binance has always been very thrifty with big spending, we didn’t sponsor the Super Bowl,” and “we didn’t buy stadium rights.”
Binance Temporarily stopped A stuck transaction on June 13th resulted in a BTC withdrawal, but CZ confirmed the funds were ‘SAFU’ and were resumed a few hours later.