Crypto firm Binance to strengthen workforce in 2023

Contrary to other crypto firms that continue laying off substantial numbers of staff amid continued pressure on coin prices, Binance has announced to strengthen its workforce this year.

The upcoming hiring is aimed to get the company well organised, said  CEO Changpeng Zhao.

According to reports, crypto exchanges had to downsize their team after more than a trillion dollars in value was wiped out last year. In 2022, Binance increased its headcount to 8000 from 3000.

Prominent digital currencies including bitcoin and ether saw huge decline in prices in 2022.

In 2023, Binance plans to increase the number of staff by between 15% and 30%, Zhao said at the Crypto Finance Conference in St. Moritz, Switzerland.

Collapses of major projects, liquidity issues, bankruptcies and the high-profile failure of crypto exchange FTX hit the industry very hard.

Embattled crypto nomad and former founder of crypto exchange FTX Sam Bankman-Fried was arrested by Bahamian authorities last year. He is now under scanner for dubious handling of his crypto firm FTX’s funds.

The crypto sector has been facing a crisis as the rising interest rate is increasing worries about an economic downturn.

Meanwhile, this downfall has eliminated key industry players such as crypto hedge fund Three Arrows Capital and crypto lender Celsius.