World’s largest crypto exchange Binance is hiring 2,000 new employees even as Coinbase laid off 18% of its workforce

While tech companies are laying off thousands of employees, the world’s largest crypto exchange Binance announced yesterday that it’s hiring new employees to fill 2,000 open positions in the company. The crypto giant made the announcement on the same day rival Coinbase said it was laying off 1,100 employees, about a fifth of its entire workforce.

In sharp contrast to a slew of job cuts by tech companies in the cryptocurrency space, Binance founder and CEO Changpeng Zhao said the company has opened 2,000 positions for hiring.

“It was not easy saying no to Super bowl ads, stadium naming rights, large sponsor deals a few months ago, but we did. Today, we are hiring for 2000 open positions for #Binance,” Zhao said in a tweet to his 6.4 million followers on Twitter.

https://twitter.com/cz_binance/status/1537013824666095617

On Monday, Binance “temporarily paused Bitcoin withdrawals on the BTC network.” However, the company said its customer can “still withdraw BTC on other networks.” Binance cited “a stuck on-chain transaction” as the reason for the pause. The company added that its “team is currently working on a solution and will provide further updates soon.”

As of June 7, there have been at least 17,000 employees laid off in mass job cuts in the U.S. tech sector so far this year, according to data layoff tracking data from CrunchBase. More tech companies are also planning to trim their workforces to counter market challenges amid the global economic downturn.

Domiciled in the Cayman Islands, Binance was founded in 2017 by Changpeng Zhao and Yi He. The exchange provides a platform for trading various cryptocurrencies. Today, Binance is the world’s largest crypto exchange. Binance provides access to exchange digital currency pairs on the market while maintaining security, and liquidity, enabling a safe and efficient deal with anyone, anytime and anywhere.