Crypto exchange Binance is in the news today as it reveals plans to add 2,000 positions to the company despite the crypto crash.
Changpeng Zhao, CEO of Binance, announced the news in a tweet today. He said it wasn’t easy turning down Super Bowl ads, stadium naming rights and large sponsor deals earlier this year.
All of that is in reference to other crypto exchanges that did take such deals. Now, many of them are struggling as the crypto crash takes place. This has resulted in several laying off employees in preparation for a possible crypto winter.
Let’s go over some of those layoffs below!
- Coinbase (NASDAQ:COIN) is laying off 18% of its workforce.
- BlockFi is firing 20% of its employees.
- Crypto.com is reducing its workforce by 5%.
- Gemini is cutting its headcount by 10%.
It’s also worth mentioning that Binance (BNB-USD) has its own crypto that’s been suffering through the crash this week. The price of the crypto started falling alongside others on Saturday. As of this writing, BNB is down 6.3% over the prior 24-hour period.
Crypto investors that are searching for more market news on Wednesday are in luck!
We’ve got all the hottest crypto news that traders need to know about today! A few examples include an argument for still investing in Bitcoin (BTC-USD), traders wondering if Dogecoin (DOGE-USD) is dead as well as a warning against investing in Terra (LUNA-USD). You can catch up on all of that news at the following links!
More Crypto News for Wednesday
- Four Charts That Should Make You Go Big on Bitcoin
- Is Dogecoin Dead? DOGE Crypto Price Predictions Say ‘No.’
- Terra Is Done, But Hopefully Investors Learned Something
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
