Binance sticks to growth plan

Binance chief executive officer Changpeng Zhao has confirmed that the company will continue to add new hires and seek out acquisition opportunities, bucking a trend among similar businesses to cut back.

Several cryptocurrency companies have announced that they will either pause further recruitment efforts or outright reduce their existing workforce.

However, Zhao said: “We have a very healthy war chest; we in fact are expanding hiring right now”, adding that the crypto winter will enable the company to benefit from the slowdown in competitors’ recruitment.

Binance hopes to uncover a healthy crop of cryptocurrency professionals who will join its ranks instead of those of Gemini, Coinbase, and other companies in the sector.

Zhao said Binance was now seeing the benefit of a more restrained marketing strategy. Unlike companies such as Crypto.com and FTX, Binance has opted out of buying sports venues, rebranding sports and esports franchises or splurging on Super Bowl commercials.

Coinbase and Gemini have both confirmed that they will seek to cut their workforce or at least not add any new professionals in the foreseeable future.

Zhao has been investing outside of the traditional cryptocurrency space as well. For example, Binance invested $200m in Forbes to help with the expansion of the blockchain industry as a whole and the adoption of Web3 technology.

According to Zhao, this bifurcation of operations has enabled Binance to remain in good financial health even though cryptocurrencies are rapidly losing their value. Even Bitcoin briefly dipped under $21,000 recently.

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Updated: 06/14/2022 — 17:00