Binance, a cryptocurrency exchange, has offered 2,000 jobs for recruiting, according to Chief Executive Officer Changpeng Zhao, a stark contrast to a flurry of employment layoffs by firms in the digital currency field.

“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,” Zhao said in a tweet to his 6.4 million followers on the social media app.

Binance did not immediately answer to Reuters’ request for further information on the new positions.

Binance’s decision comes amid high volatility in the cryptocurrency market, as investors flee riskier assets, fearful that rising inflation would compel the US Federal Reserve to quickly hike interest rates, tipping the country into recession.

Coinbase Global Inc (COIN.O), a cryptocurrency exchange, said on Tuesday that it will lay off around 1,100 employees, or 18% of its staff, becoming the latest corporation to brace for a slump in the cryptosphere.

BlockFi and Crypto.com have reportedly cut hundreds of positions, while Meta Platforms (META.O) and Intel Corp (INTC.O) have also slowed recruiting. 

Bitcoin fell to a fresh 18-month low on Wednesday, bringing smaller tokens down with it and sparking a severe drop in the digital currency market triggered by crypto lender Celsius suspending client withdrawals.

Source: Reuters

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