2023-07-16 14:59:00
According to the Wall Street Journal, Binance, the world’s largest cryptocurrency exchange, recently laid off more than 1,000 employees.
While Binance has grown by leaps and bounds in recent years, this massive dismissal raises questions on the reasons behind this restructuring and the possible consequences on the future of the platform and the cryptocurrency market as a whole.
Binance: Massive dismissal and departure of the strategic manager
Binance, the world’s largest cryptocurrency exchange, reportedly laid off more than 1,000 employees in recent weeksaccording The Wall Street Journal. These dismissals might extend and affect “more than a third of its workforce”, indicated an anonymous source.
Meanwhile, Binance Chief Strategy Officer Patrick Hillman confirmed his departure from the company, saying he was leaving the company on good terms. News outlet Fortune previously reported that Hillman and other top executives were also leaving the company.
Binance CEO Changpeng “CZ” Zhao painted a somewhat optimistic picture last week, saying he was preparing his platform for an increase in trading volume over the next six to eighteen months.
“We’re still at the very beginning. I think the industry still has a lot of potential for growth. I’m still optimistic. I’m a builder, so I still have a positive outlook.” Zhao said.
At the end of May, Binance proceeded to lay off people non-performing and not corresponding to the culture of the company, according to a Binance spokesperson. Prior to this measure, the company’s total workforce was approximately 8,000 employees.
A 3% drop questions its leading position
Despite maintaining its position as the premier cryptocurrency exchange, Binance has recently experienced a 3% drop in market shareaccording to a report by cryptocurrency research firm TokenInsight.
Binance drops 3% in market share in 2023. Source: TokenInsight
CZ Zhao’s readiness to prepare for an increase in trading volume suggests that Binance seeks to stay ahead and capitalize on future growth opportunities.
However, the loss of market share indicates also increased competition in the sectorprompting Binance to take action to maintain its leadership position.
Source : The Block
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