Despite the unfavorable conditions in the crypto market, Changpeng Zhao (CZ), CEO of cryptocurrency exchange Binance, said that the company is increasing its workforce and acquisitions.
A Healthy War Chest
Speaking at the just-concluded Consensus 2022 conference on Sunday, Zhao revealed that Binance has a solid reserve to survive the crypto winter, considering that it’s not the company’s first time experiencing a bear market.
“We have a very healthy war chest. We’re, in fact, expanding hiring right now,” CZ said.
CZ’s comments come after being asked if his company is concerned about the current “crypto winter” and whether Binance plans to reduce its hiring rate like Coinbase did last month. He mentioned some things the company has done to reduce costs and expenses.
“Binance has always been very frugal on large spending. We did not sponsor the Super Bowl; we did not buy stadium rights.”
Zhao noted that during the bullish trends, many firms paid a “ridiculous amount of compensation,” but given the crypto market conditions, Binance will leverage the opportunity to increase its workforce.
CZ also noted that the company is working hard to reduce transaction fees and increase user education.
Binance to Acquire More Firms
The Binance boss went further to say that the company is increasing its mergers and acquisitions (M&A) rate.
“For the last three to four and a half years, we’ve been investing heavily in the blockchain industry [. . .] We are venturing outside of the blockchain industry. The idea is to, in each sector, look for one or two good targets and invest in them and become an avid shareholder and then help them to come into web3,” he said.
Zhao’s statement implies that Binance aims to invest in non-crypto companies, just like it did in February with Forbes. As reported, the exchange made a strategic $200 million investment in the American magazine, which saw Binance officials Patrick Hillmann and Bill Chin become part of Forbes’ board of directors.
Meanwhile, Coinfomania reported last week that Binance invested in PancakeSwap in an effort to support the growth of the project.
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