Even if the cryptocurrency market is still in a bearish trend, Binance is growing its staff. According to reports, Henrique Meirelles, who formerly held the positions of President of the Central Bank and Economy Minister in Brazil, was hired as an advisor. In contrast to Binance, which embarked on a recruiting binge during the crypto winter, several of Binance’s competitors have laid off their workforce over the course of the last few months.
The recent downturn in the cryptocurrency market and the ongoing exodus of investors have not caused Binance a great deal of anxiety. In June, the chief executive officer of the exchange, Changpeng Zhao, gave assurances that the company had a “healthy war chest” and that crypto winters are really the optimal time for businesses to employ new staff members.
Binance has apparently recruited Henrique Meirelles as its newest member of its Advisory Board, as reported by the daily O Globo. Throughout his professional life, the economist held the position of President of Brazil’s central bank on many occasions. A candidate for the presidency of the South American country in 2018, he also served as the nation’s Minister of the Economy.
Why Brazil?
Recent events have given the impression that the company’s position in the Latin American area is becoming stronger. Countries like Brazil, Argentina, and Mexico are examples of places where the skyrocketing inflation has sent citizens into a panic, and it is fascinating to see that some of those individuals have turned their focus toward digital assets.
Maximiliano Hinz, the senior executive of Binance Latin America, said earlier this month that one of the primary reasons why the company has gathered more consumers during the last few months is the economic volatility that has been occurring in the region.
He stated that we are finding that more and more individuals are looking towards cryptocurrencies, like bitcoin, as a method to insulate themselves against inflation.
The Competitors Are on a Hiring Freeze Right Now
In contrast to Binance, several of the other prominent cryptocurrency platforms have made the decision to reduce their personnel in order to save money during this difficult period.
To begin, Coinbase has cut 18% of its staff members from its workforce. The bad trend that has been affecting the business has also had an effect on the company’s shares, which have decreased by about sixty percent in comparison to where they were a half year ago.
Gemini, the cryptocurrency exchange founded by billionaire twins Cameron and Tyler Winklevoss, recently let off ten percent of its workforce. CryptoCom, Bybit, and Huobi have recently announced minor personnel reductions in order to boost efficiency.
