Binance opens 2,000 positions for hiring

Cryptocurrency exchange Binance has opened 2,000 positions for hiring, Chief Executive Officer Changpeng Zhao has announced.

Binance’s hiring round contrasts a slew of job cuts by companies operating in the digital currency space.

The move by Binance comes amid extreme volatility in the cryptocurrency market as investors are dumping risky assets over fears that soaring inflation would force the U.S. Federal Reserve to aggressively raise interest rates and tip the economy into a recession.

Cryptocurrency exchange Coinbase Global Inc said on Tuesday it would cut about 1,100 jobs, or 18% of its workforce.

BlockFi and Crypto.com have also slashed hundreds of jobs, while Meta Platforms and Intel Corp also tapped the brakes on hiring.

Bitcoin tumbled on Wednesday to a new 18-month low, dragging smaller tokens down with it and spurring a sharp fall in the digital currency market sparked by crypto lender Celsius freezing customer withdrawals