Market Analysis Report (16 Jun 2022)

Binance, Kraken, and Polygon are among the companies looking to bolster their ranks amid the wider market downturn. The news follows announcements from Crypto.com, BlockFi, and Coinbase who disclosed they would be cutting roughly 5%, 20%, and 18% of their workforce respectively. 

A Binance spokesperson told Coindesk that it has over 2,000 open positions across Europe, Asia, South America, Africa, and the Middle East. “We will continue to grow our team as planned and see this moment in time as an opportunity to gain access to some of the industry’s best talent,” CEO Changpeng Zhao (CZ) said in a comment shared with CoinDesk.

He continued: “Our business strategy was to position Binance for sustained growth over the next decade through multiple market downturns or even a prolonged multi-year declining market. We believe that cooler markets offer the best opportunity for organizations to invest in or acquire great projects at a more favorable price point. We are going to have a very active pipeline in the months ahead.”

Rival digital asset exchange Krake, also revealed it intends to hire over 500 staff to increase its headcount, and Polygon has already “hired at least 50, senior folks.” 

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