Binance plans to hire in 2023, CEO Changpeng Zhao said on Wednesday. CZ prefers to take a somewhat opposite approach as crypto firms lay off large numbers of staff amid continued pressure on the crypto market.
Zhao said Binance, the world's largest cryptocurrency exchange, said the company is increasing the number of employees in 2022 from 3,000 people to nearly 8,000 employees.
In 2023, Binance plans to increase the number of staff between 15% and 30%, Zhao said at the Crypto Finance Conference in St. Moritz, Switzerland.
Competitor Binance on the other hand has been forced to cut most of its workforce after nearly $1.4 trillion was lost from the crypto market in 2022 as the prices of Bitcoin and Ethereum plummeted.
In November, Kraken announced that it was laying off 30% of its staff, and this year Huobi and Coinbase said it would cut 20% of its workforce. This is the second job reduction.
Zhao said Binance needs to make sure the company is "well organized" before the next crypto surge and admitted the exchange is "not very efficient." "We will continue to build and hope that we will rise again before the next market rise," Zhao said.
The crypto industry last year was shocked by the collapse of the FTX crypto exchange. FTX founder Sam Bankman-Fried has been charged with eight felony counts by U.S. prosecutors, including fraud. The streak, the crypto market looked gloomy.
