Kraken and Binance Extend Hiring Spree Defying Bear Market Norm

While a long list of crypto companies are reducing the size of their workforce due to the falling market, two popular exchanges, Kraken and Binance, are determined to break the norm by going on a hiring spree. 

Recall that many renowned crypto firms, including Coinbase and BlockFi, have laid off at least 18% of their workforce in the past two months in preparation for the bear market.  

Kraken to Fill 500+ Job Roles

Responding to speculation that Kraken will reduce its headcount in preparation for the crypto winter, the exchange noted in a blog post on Wednesday that it will not be changing its hiring plans for the year. In fact, Kraken plans to hire at least 500 people before the end of the year.  

“We have not adjusted our hiring plan, and we do not intend to make any layoffs. We have over 500 roles to fill during the remainder of the year, and believe bear markets are fantastic at weeding out the applicants chasing hype from the true believers in our mission,” the exchange said.

Binance to Hire 2,000 Talents

In an earlier report, Binance CEO Changpeng Zhao (CZ) said that the exchange has a “healthy war chest” to survive the crypto winter and that now is the best time to hire and make new acquisitions.

Providing more details about the company’s hiring plans, 

CZ provided more details about Binance’s hiring plans, noting that the exchange would onboard new talent to fill 2,000 roles. 

The CEO revealed that Binance is able to afford to hire by forgoing other expenses, including Super Bowl ads. 

It was not easy saying no to Super bowl ads, stadium naming rights, large sponsor deals a few months ago, but we did.

Today, we are hiring for 2000 open positions for #Binance. pic.twitter.com/n24nrUik8O

— CZ ???? Binance (@cz_binance) June 15, 2022