Crypto giants have different reactions in the bear market

Job cuts: While cryptocurrencies have been in free fall since the end of 2021, the consequences are now being felt in vacancies. In the world of technology and crypto, only Binance seems to be doing well.

Currently, there is a difficult international economic situation with rising inflation and the beginning of a broader economic crisis. There is still war in Europe. And there are fears of excessive regulation of cryptocurrencies.

Stablecoins are meant to be stable, as their name suggests. But they brought more fear than comfort.


Job cuts: Crypto platforms in trouble

Due to the current uncertainty, the Bitcoin price is stuck in a range between $ 28,000 and $ 32,750. And now there is a suspension of job postings in the crypto sector.

It was Coinbase that first caught the attention with the announcement of the temporary halt in recruitment and the cancellation of newly assigned positions. Although Coinbase is the most popular exchange in the United States, current market conditions will limit the use of their roadmap.

In this regard, LJ Brock, Chief of Staff, said, “In response to current market conditions and continued efforts to prioritize activities, we will extend our recruitment period for new and replacement positions in the foreseeable future and cancel a number of accepted offers.”

Meanwhile, Gemini, another major stock exchange, issued a similar announcement to Coinbase. They plan to reduce the current staff by 10%. Billionaire twins Cameron and Tyler Winklevoss divide their workforce between traditional markets and cryptocurrency markets. This is to refocus more on the most critical issues in their business.

Frank Corva, Principal Crypto and Blockchain analyst at Finder, said: “These layoffs and layoffs are likely to have more to do with the fact that crypto markets and traditional markets are down and the economy is tightening in all areas. Crypto traders and employees sit tight while the crypto markets and crypto industry remain against the ropes.

The struggling technology sector

The situation is difficult for many companies. Tesla and its CEO Elon Musk will cut its workforce by a tenth due to bleak prospects for the economy.

Convinced that an impending recession threatens the United States and the rest of the world, Musk reportedly contacted Tesla to suspend employment and also told all Tesla teams to stop working remotely and return to office or quit their jobs . .

In 2021, nearly 100,000 employees worked for Tesla; breach of contract may therefore be significant.

Binance: the only survivor?

On the other hand, Binance seems to be experiencing a completely different situation. The company continues to run on good results both financially and legally with successful entrances in France and Italy. Binance says they still have 900 vacancies globally.

This situation is far from other crypto platforms suffering from a crypto winter. So while Coinbase and Gemini seek to reduce, Binance is instead pursuing an offensive strategy to staff its workforce with additional workers.

Job cuts: While cryptocurrencies have been in free fall since the end of 2021, the consequences are now hitting job postings

Source: Binance Career

On Twitter, a message was shared by the Binance US profile mentioning the recruitment. Dating from last June 3, this announcement was made when the decisions of Coinbase and Gemini emerged.

Surprised by the opposing strategies of those adopted by Binance and those of Gemini and Coinbase, CoinGecko co-founder Bobby Ong wondered how the finances of certain exchanges are managed.

“We have only been in the bear market for a few months, and stock exchanges are firing people and terminating jobs. How poorly managed is your finances and workforce? You are one of the most profitable cryptocurrencies sectors, with gains of billions during 2021. “

As Bobby Ong testifies, the situation is surprising given Binance’s good financial health.

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