According to the CEO of Binance, the exchange intends to keep hiring workers and consolidating more strategic alliances. On the other hand, BlockFi and Crypto.com will try to minimize costs by firing part of their workforce.
The so-called crypto winter impacts entities in the sector, which would be applying new strategies to deal with costs and keep carrying out their activities until the market returns to favorable fields. But this situation does not seem to be what happens to Binance, which appears to keep carrying out its expansion without getting rid of its workers.
Binance Counts on Reserves to Face a Bad Scenario
Regarding Binance’s intentions, the CEO Changpeng Zhao (CZ) highlighted that the exchange would carry out its expansion strategies despite the impact of the crypto winter on the sector since they count on enough reserves prepared for a situation like this crypto winter.
Zhao made this statement during a panel discussion held at the Consensus 2022 event, where the Binance manager shared some thoughts about the current panorama of the crypto sector.
According to Zhao, the most rapid strategy to deal with this problem is to keep expanding its tentacles while reducing certain expenses. In this sense, the CEO also highlighted that he does not see a priority in securing participation spaces in expensive promotional advertisements, as some exchanges did in events such as the Super Bowl or securing their names in iconic sites in some nations.
This statement reflects the intentions encouraged by networks such as Coinbase and Crypto.com in recent times.
Crypto.com and BlockFi Announced Layoffs Cycle on their Companies
While Binance wants to expand its territory and intends to gain more field and advantage of the crypto winter as best as possible, networks like Crypto.com and BlockFi deal with this crypto winter by reducing their base of workers to minimize costs.
Crypto.com also announced that it would be setting up a new reduction of its workforce by 5%, a figure that would represent at least 260 employees that will lose their positions in the company.
The CEO of the exchange, Kris Marszalek, confirmed this news and revealed the announcement in a message posted through his official Twitter account. In that statement, he opened up about the current panorama in the market and expressed that this situation requires making hard and necessary decisions to ensure sustainable long-term growth.
Kris Marszalek plans to deal with this situation by going through targeted reductions of approximately 260 [employees] or 5% of their current corporate workforce.
By: Jenson Nuñez
