The crypto winter is here and the crypto markets are proving bearish all around. As such, Crypto giant Coinbase caused an uproar when it rescinded recent employment offers to new hires. It seems that even a large crypto exchange like Coinbase is having to cut costs due to the market downfall.
Referring to Binance, Zhao said, “We have a very healthy war chest; we in fact are expanding hiring right now.”
Perhaps Coinbase being a publicly-traded company has something to do with the latest news. Shares in Coinbase have fallen 78% in the past year and the company has a duty to its shareholders to make necessary decisions to protect investors’ funds.
Additionally, the size difference between the two crypto exchanges could be why Binance continues to expand and make new hires. It is, after all, the leader when it comes to spearheading crypto adoption.
Binance lists thousands of cryptocurrencies, far more than Coinbase, which undoubtedly adds to its revenue. Binance is the go-to place for new coin listings, despite Coinbase being more popular with Americans.
It’s no surprise that Binance may have a “war chest” and the ability to hire more people, even during a bear market. It is a crypto giant and its native coin, BNB, is a top-5 cryptocurrency.