Despite a crypto winter, crypto exchanges Binance, Kraken, and FTX are keen to continue with the initial plans of hiring new employees. Binance is set to bring in 2,000 new employees and Kraken at least 500. Yi He, Binance’s co-founder, said they have roles for engineers, product, marketing, business development, etc. She highlighted that with the crypto space still in its early phase, it’s a great time to bring in top talent.
This comes as a sign of hope as the broader crypto industry has been struggling with two market crashes so far in 2022. Bitcoin reached an 18-month low of $20,289 and crypto firms are downsizing staff.
Changpeng Zhao (CZ), the CEO of Binance, tweeted on Wednesday that it hasn’t been easy to turn down Super Bowl ads, stadium naming rights, and large sponsor deals. But Binance did it and as such, the company has 2,000 open positions. Analysts believe CZ’s tweet had a less-than-subtle jab at Crypto.com, which had announced a 19-year $135 million deal in 2021 to rebrand the Staples Center with its own name, and Coinbase’s expensive ad campaign during the Super Bowl.
Kraken, in an official statement, said it’s time to get back to building. The platform has 500+ roles to fill this year. It highlighted that bear markets are the best for recruiting talent that is aligned with their culture and mission. FTX, which also had a high-profile Super Bowl ad, is also hiring.
The crypto exchange companies plan to recruit more workers comes at a time when a number of big firms, such as Coinbase, Gemini, and Crypto.com, are cutting staff. Bitso and Mercado Bitcoin are also laying off employees.