The world’s largest bitcoin exchange mocks competitors who are laying off

Through his social media, Changpeng Zhao announced that Binance has 2,000 open positions. Such hires happen while other giants are carrying out mass layoffs, showing a different strategy during this bear market.

Going further, Zhao also took the opportunity to mock his competitors, pointing out that these exchanges that are currently laying off spent millions on Super Bowl advertisements, sponsorships and stadium naming rights.

Even though Binance’s strategy seems superior to that of other exchanges, it’s worth noting that its founder is the person who has lost the most money this year. In total, Zhao has lost 437 billion reais since January.

Binance mocks competing exchanges

While several exchanges are announcing massive layoffs, Binance is going against the grain. In an announcement made this Wednesday (15), Changpeng Zhao, points out that his company has 2,000 open positions, taking the opportunity to mock competitors.

“It wasn’t easy to say no to Super Bowl ads, stadium naming rights, big sponsor deals a few months ago, but we did it.

Today, we are hiring 2,000 open positions for #Binance.”

Such comments are direct attacks on Coinbase, FTX, Crypto.com and so many others that despite having spent millions of dollars on marketing, are now laying off employees.

As an example, Coinbase spent BRL 73 million to display a QR code during the Super Bowl halftime in February this year. Along with it, FTX, eToro and many others followed the same strategy. In addition, Zhao’s tweet also recalls that Crypto.com spent BRL 593 million to put his name on a stadium, in addition to other millionaire sponsorships.

Therefore, Binance’s signings seem to be in line with its “BUIDL” motto, an allusion to the term “HODL”, but focused on always being building, regardless of the scenario.

It’s not all green candles

Although Binance seems superior to its competitors, it is worth noting that its founder was the person who lost the most money this year. From January to date, Zhao is racking up 437 billion reais in losses, according to Bloomberg.

However, Binance’s strategy of continuing to expand while its competitors shrink could leave it with even more market dominance. Or else make Zhao lose even more money, we don’t know.

About Yadunandan Singh

Born in 1992, Yadunandan approaches the world of video games thanks to two sacred monsters like Diablo and above all Sonic, strictly in the Sega Saturn version. Ranging between consoles and PCs, he is particularly fond of platform titles and RPGs, not disdaining all other genres and moving in the constant search for the perfect balance between narration and interactivity.

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