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Thursday, October 6, 2022

Binance Undaunted By Prospect Of Crypto Winter

Even as the onset of crypto winter, the downturn in the cryptocurrency market, portends job cuts, and a drop in hiring, Binance plans to stand its ground and face the storm head-on.

There appears to be no imminent conclusion in sight as the recession in the cryptocurrency market stings hard and sharp. Its effect has taken a toll on all major firms. Top cryptos including Bitcoin and Ethereum are down to record lows. Crypto companies such as BlockFi and Gemini have underperformed and have been forced to downsize or stop hiring.

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But the world’s top crypto exchange, Binance, is unperturbed and has reported a strong base capable of guiding it through the grip of the bear market.

In keeping with this streak of confidence, Binance announced over 900 job openings globally in May alone. The North American chapter, Binance US, has meanwhile revealed on social media that it would continue hiring.

A Twitter post by Binance US showed that it was hiring. It was currently on the lookout for candidates in the fields of Compliance, Business Development, Data, Finance, Legal, Engineering, and other fields.

While Binance Continues To Hire, BlockFi, Gemini, And Coinbase Have Stopped Hiring

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The Cryptocurrency market has taken a hard knock both for internal and external issues. The growing inflation, the war in Europe, and the lockdown in China have all added to the woes of a market already in the throes of a financial meltdown.

As a consequence, multiple cryptocurrency firms have adopted measures to stave off the current slump in world markets. This includes steps to cut jobs, to overturn employee sops, and a freeze in hiring, with Binance proving to be the only exception. 

Gemini was the first to cut jobs, cutting a tenth of its workers. Coinbase too has announced that it was slowing down hiring, moving away from its earlier plans to triple its workforce. All firms realize that it is important to remain profitable at this stage in the market.

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