Through his social media, Changpeng Zhao disclosed that Binance has 2,000 open positions. Such hires happen while other giants are making massive layoffs, showing a different strategy during this bear market.
Zhao went ahead and also took the opportunity to mock his competitors, pointing out that these exchanges that are currently being fired have spent millions on Super Bowl ads, sponsorship and stadium naming rights.
While Binance’s strategy seems superior to other exchanges, it’s worth noting that the founder is the person who has lost the most money this year. In total, Zhao has lost 437 billion reais since January.
Binance mocks competing exchanges
As several exchanges announce massive layoffs, Binance is going against the grain. In an announcement made this Wednesday (15), Changpeng Zhao points out that his company has 2,000 open positions and is taking the opportunity to mock competitors.
“A few months ago it wasn’t easy to say no to Super Bowl ads, stadium naming rights and major sponsorship deals, but we made it.
Today we are taking on 2,000 open positions for #Binance.”
It wasn’t easy to say no to Super Bowl ads, stadium naming rights, and major sponsorship deals a few months ago, but we made it.
Today we are looking for 2000 open vacancies for: #Binance† pic.twitter.com/n24nrUik8O
— CZ 🔶 Binance (@cz_binance) June 15, 2022
Such comments are direct attacks on Coinbase, FTX, Crypto.com and so many others that, despite spending millions of dollars on marketing, are now firing employees.
For example, Coinbase spent BRL 73 million to display a QR code during the halftime of the Super Bowl in February this year. In addition, FTX, eToro and many others followed the same strategy. In addition, Zhao’s tweet also reminds that Crypto.com has spent 593 million BRL to put its name on a stadium, among other millionaire sponsorships.
Therefore, Binance’s signings seem in line with the motto “BUIDL”, an allusion to the term “HODL”, but focused on always building regardless of the scenario.
It’s not all green candles
Although Binance seems superior to its competitors, it is worth noting that the founder was the person who lost the most money this year. According to Bloomberg, Zhao has suffered 437 billion reais in losses as of January so far.
However, Binance’s strategy of continuing to expand while its competitors shrink could lead to even greater market dominance. Whether or not Zhao loses even more money, we don’t know.
Source: Live Coins
John Cameron is a journalist at The Nation View specializing in world news and current events, particularly in international politics and diplomacy. With expertise in international relations, he covers a range of topics including conflicts, politics and economic trends.