Binance, a cryptocurrency exchange, said on Wednesday that it had offered 2,000 positions for recruiting, a stark contrast to a flurry of employment layoffs by firms in the digital currency field.
“It was difficult to say no to Super Bowl advertisements, stadium naming rights, and major sponsor deals just a few months ago, but we managed to do so. We’re hiring for 2000 vacant posts in #Binance today “Zhao mentioned this in a tweet to his 6.4 million Twitter followers.
Binance’s action comes amid high volatility in the cryptocurrency market, as investors flee riskier assets in concern that rising inflation would compel the US Federal Reserve to hike interest rates rapidly, tipping the country into recession.
Coinbase Global Inc (COIN.O), a cryptocurrency exchange, announced on Tuesday that it will reduce approximately 1,100 positions, or 18 percent of its staff, marking the latest corporation to prepare for a crypto slump.
Hundreds of positions have been cut at BlockFi and Crypto.com, while Meta Platforms (META.O) and Intel Corp (INTC.O) have also put the brakes on hiring.
Bitcoin fell to a fresh 18-month low on Wednesday, bringing smaller tokens down with it and triggering a dramatic drop in the digital currency market, which was spurred by crypto lender Celsius suspending client withdrawals.