Multiple Fintechs have recently announced layoffs due to the faltering economy and rising interest rates. Most people are predicting a recession – one that could be long and hard. Due to the current economic malaise and forward expectations, companies like Coinbase, BlockFi, and others have slashed employee headcount as they guard cash as markets dive.
Two recent examples of platforms that are bucking the employment trend are Binance and Kraken.
This week, Binance, the largest crypto exchange in the world, announced it is still in hiring mode. While throwing shade at a “competitor” Binance founder and CEO Changpeng Zhou stated, “it was not easy saying no to Super Bowl ads, stadium naming rights, large sponsor deals a few months ago, but we did. Today, we are hiring for 2000 open positions for Binance.”
It was not easy saying no to Super bowl ads, stadium naming rights, large sponsor deals a few months ago, but we did.
Today, we are hiring for 2000 open positions for #Binance. pic.twitter.com/n24nrUik8O
— CZ 🔶 Binance (@cz_binance) June 15, 2022
Binance Job Openings are viewable here. Currently, there are 921 job openings but others could be in the queue or perhaps on other platforms.
Kraken, another large crypto exchange, announced a global hiring push today in a blog post. Kraken explains:
“… once again time to build. It’s time to remember why we’re doing this: The Mission of bringing financial freedom and inclusion to the billions of people suffering from financial exclusion, hyperinflation, and a broken system that disproportionately leaves the poor out in the cold. It’s time to think about taking more of your paycheck in bitcoin because the fundamentals have only improved. It’s time to ask, is there anything else we can do? We have not adjusted our hiring plan, and we do not intend to make any layoffs. We have over 500 roles to fill during the remainder of the year, and believe bear markets are fantastic at weeding out the applicants chasing hype from the true believers in our mission.”
Kraken added that along with the “hundreds” of roles currently open they will be hiring positions for employees that are exiting the company – apparently due to the Kraken culture that embraces free speech and diversity of thought. Recently, some corporations have been challenged by highly politicized environments that can make a work environment toxic for one side or the other. Kraken seems to be taking an approach of tolerance, versus an orthodoxy of belief and some employees may not be comfortable with accepting different opinions.