The recent wave of layoffs plaguing major cryptocurrency exchanges has prompted BinanceUS CEO Brian Shroder to restore confidence among his employees. Unlike competing companies, Binance is in the “ strongest possible position to weather the crypto recession “, He says in a message sent to more than 400 employees on June 14, published the next day on Twitter.
1/ Last night, I shared some words of encouragement to our team as the market downturn intensified.
Today, I woke up to reports that our competitors were laying off – cumulatively – thousands of hardworking employees 🧵 pic.twitter.com/rBNSsZRbAS
—Brian Shroder (@BrianShroder) June 14, 2022
Binance US will resist and overcome market misshapen
Binance US, the US subsidiary of Binance, the world’s largest cryptocurrency exchange, ” would have no reason to worry about the slump in the market says Brian Shroder. In his message the CEO assures that the company will successfully overcome the slowdown, and become ” the leading cryptocurrency platform in the United States “.
Shroder’s announcement appeased his employees. Indeed, the vast majority of platforms have had to cut their workforce. Among them, Coinbase laid off 18% of its staff, followed by Gemini (10%) and BlockFi (20%).
For Binance US, the situation seems far from critical, confirms Shroder. ” [Binance US] growing faster than ever and hiring in over 80 positions “, he added in the message.
Binance US prepared for the crisis
To reassure its employees, Shroder used the argument of the 200 million dollars, raised by Binance US, in the first round of external financing. The leader affirmed that this financial operation “ couldn’t have come at a better time “before continuing” we now have over $250 million in the bank (and at the current consumption rate, we could be years away from needing to raise again) “.
Regarding the bad period for the market and the destabilization of prices, he urged his employees not to be influenced by “ noises and short-term fluctuations “. Currently, Bitcoin has fallen drastically, it is below the $23,000 mark, losing almost 50% of its value compared to April.
