Binance CEO Changpeng Zhao says that the crypto winter is the right time to hire new employees and further develop the business through various acquisitions. He stated this at the Consensus 2022 conference, writes Bloomberg.

“If it is crypto winter now, we are making the most of it,” the Binance head said.

According to him, at this stage, Binance is “gaining momentum in terms of mergers and acquisitions,” as well as actively recruiting staff.

Zhao noted that the exchange did not spend large sums of money on advertising campaigns like those organized by several crypto platforms during the Super Bowl.

Recall that Gemini bitcoin exchange, owned by the Winklevoss brothers, plans to reduce the number of its employees by 10% due to the collapse of the crypto market and unfavorable macroeconomic conditions.

According to media reports, Coinbase began optimizing costs, including pausing staff expansion, after posting a net loss of approximately $430 million in the first quarter of 2022.

Cryptocurrency platform Crypto.com has announced plans to lay off about 5% of all its employees.

Also, Bitso and Robinhood have already laid off staff.