Massive Layoffs
Amid the recent downturn experienced in the cryptocurrency markets, lots of bad events have followed suit, from many projects folding up, some tearing down and raking in millions, the industry has in no doubt faced a sizable amount of turmoil…
Following this, many top players in the space have taken several tough decisions, including the unfortunately cut off of employees of which the current highest percentage effect has about 20% relieved of their duties. Companies including coinbase with about 18% laid off, crypto.com, Gemini and blockFi with roughly 20%.
As though the fall in cryptocurrency prices has not been the only tragic events, the damage has spanned to several financial sectors, causing even more layoffs as Warner Bros Discovery Inc is looking to cut up to 30% or nearly 1,000 jobs in its global advertising sales team.
Many say we are already in recession as though goods prices have spiked, leading to concerns that influences consumers spending. This financial time is already putting several individuals in the streets of unemployment as many companies aim to cut down expenses. The reality of the span of the events are not certain, but nonetheless, the ripple effect leaves opportunities that only a few can leverage.
The Running Advantage
While other cryptocurrency exchanges are firing staff, the world’s biggest is reportedly on a hiring spree.
Aren't they aware we're all getting broke? Aren't they interested in cutting down costs? Anyone would think it's a marketing scheme, I personally had that as a first thought, but what's there to market?
Regardless of its little relationship with marketing, the idea of hiring at this time speaks one thing and that's "developments". This is usually the time where everyone goes to sleep, lock up with the tiny dusts at hand, waiting for greener days to step out again. Binance is way ahead of these companies in terms of business planning, this is the time to develop, build solutions that will put them ahead of time and competitors…
While most companies are looking to cut costs and manage the business environment as the markets crash, binance would be shifting its focus to developments, getting fresh ideas and building structures off that force. The best part of it is for a lower cost. In an atmosphere as crazy as this, it's pretty much easier to play cheap card games to winning employees for a smaller pay, while benefiting much from the advancement being done.
This is practically why Binance is hiring, developments are vital, and when opportunities like this open up and competitors sleep back, the field gets emptied for the smart business to occupy.