Oleg Galeev

3 months ago

Coinbase Cuts New Hires While Binance Expands

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 As such, Crypto giant Coinbase caused an uproar when it rescinded recent employment offers to new hires.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.

However, during the recent Consensus Blockchain conference held 9-12 June in Austin, Texas, Binance Co-founder and CEO Changpeng Zhao was asked about Coinbase’s hiring news. 

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.

Note: Binance is not fully legal in Canada.

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. 

Binance is also the largest crypto exchange in the world by volume with a massive $76 billion traded per day. Coinbase manages about $4 billion in volume per day. The difference is staggering. 

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. 

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Author

Oleg is a Canadian citizen & crypto expert who has been trading since 2016. He started out with Coinbase, Kraken and Peer-to-Peer exchanges. After some time, centralized exchanges started charging crazy fees to their users.

He decided to review different crypto exchanges that operate in Canada in order to educate Canadians on what kinds of things are going inside each one while giving them unbiased advice. On top of that, Oleg also has experience with NFT, airdrops, and crypto staking and he is constantly checking on new crypto assets.

His writing has been featured in popular Canadian media sources such as Toronto Sun and Ottawa Citizen.