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Binance CEO Changpeng Zhao comes up with good news

IFM_Changpeng Zhao
Changpeng Zhao remarked that regulation rather than opposition to the crypto sector should be a better option for governments

Binance CEO Changpeng Zhao said that the company is hoping to hire 8,000 people by the 2022 end.

“At the time of this tweet, there were 5900 users on @Binance. We currently have 7400+ people. By the end of the year, we aim for around 8000. Hiring keeps going,” CEO Changpeng Zhao tweeted.

Changpeng Zhao also referred to an earlier tweet that read, “It was not easy saying no to Super Bowl ads, stadium naming rights, and large sponsor dealt a few months ago, but we did.”

There were 2,000 open vacancies in the employment posting.

After Binance pulled out of the FTX bailout deal, the news affected the crypto market badly, with most of the digital currencies, including bitcoin depreciating significantly.

However, the company has now created a USD 2 billion industry recovery fund, which will be used to buy distressed crypto assets.

Binance’s plan of going for another round of hiring comes at a time when the crypto sector has been facing the heat of the FTX controversy, which resulted in some one million creditors losing billions of dollars from the market.

Batting for an anticipated recovery for the sector, Changpeng Zhao said, “it was a terrible year, and a lot has transpired in the last two months. As a result, the industry is healthier now. Just because FTX occurred does not imply that all businesses are bad.”

Binance has also released a new website explaining its proof-of-reserves system. The company currently has a reserve ratio of 101%. It means that it has enough bitcoins to cover all users’ balances.

Binance also shared wallet addresses containing billions of dollars worth of crypto assets. It also claimed to hold a lot of assets, apart from the ability of processing “a ton of withdrawals”.

Changpeng Zhao also remarked that regulation rather than opposition to the crypto sector should be a better option for governments.

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