Changpeng Zhao (CZ), the CEO of Binance, said in a recent interview that a potential crypto winter is good for business.
He said:
“It’s not the first time we’ve gone through a crypto winter. If we are in a crypto winter, it would be my third and Binance's second. So it's not the first time we’ve been through this.”
It has been reported that CZ has undertaken what is, for many exchanges, a hairy endeavor — recruiting new staff during a bear market to take advantage of the next possible bull market.
He added:
“Right now is much better to hire, during bull markets, everyone is starting their own projects, and everyone is getting paid a ridiculous amount of compensation. Now the markets are more balanced, so top talents are available, and we want to hire them.”
However, the crypto-world has suffered through a period of decline these past few weeks, but the Binance boss still recommended that now is an excellent time for companies to expand and hire.
The report said that many crypto exchanges such as Coinbase and Gemini have frozen new hires and laid-off employees. Companies such as Crypto.com and BlockFi have also laid off over 5% of their employees due to market conditions. Trading platform Robinhood also axed 9% of its staff in April.
CZ continued:
“Binance has always been very frugal on large spending, we didn’t sponsor the Super Bowl,” and ”we didn’t buy stadium rights.”
Thus, Binance temporarily paused BTC withdrawals due to a stuck transaction causing a backlog on Monday, but CZ confirmed that funds were "SAFU" and they were resumed a few hours later.
Source: Cointelegraph
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