26.10.2020

Binance Sees 2,000% Employee Increase in Under 3 Years

When Binance first started in 2017, there were under 50 people,” Binance co-founder, Yi He, told Cointelegraph on April 23. “We have more than 1,000 employees today (currently at 1,002 and counting; we are welcoming new hires almost every day).

Major crypto exchange, Binance, now has over 1,000 employees, showing tremendous company growth since its 2017 start.

Binance kicked things off less than three years ago

Binance conducted its ICO in July 2017, garnering $15 million in capital. The exchange opened one month later. “Though our team during this time was not very large, we were already an international and decentralized team, collaborating remotely with the executive team,” Yi He said.

The exchange quickly became one of the crypto market’s go-to options for trading, boasting $1.5 billion in volume by June of the following year.

The exchange seeks new workers amid increasing unemployment numbers

Over the past several weeks, coronavirus prevention measures and market downturns have resulted in a mass number of layoffs and company difficulties.

“Many talented people have lost their jobs due to the current climate with a number of companies laying off their employees,” He said, adding

“We believe that this moment is the best time to recruit outstanding talent. This quarter, we will continue to recruit new hires and encourage people to apply at Binance.”

In terms of long-term goals, He explained the company’s mission statement has not changed. Looking at crypto as a method of unlocking money’s caged potential, Binance desires to increase financial accessibility, while enhancing cryptocurrency usability.

In just 2020, Binance has released a number of new products, such as options trading, expanding its product line even further.

BTC Annual Inflation Rate Almost 50% of World Average After Halving

Once the Bitcoin rewards halving goes through on May 12, the annual inflation rate of the cryptocurrency will be about half of the global average.

As crypto analyst Mati Greenspan noted on Twitter on April 26, the annual inflation of Bitcoin (BTC) will fall from 3.65% at the time of press to 1.8% once the halving happens in 15 days. The global annual inflation rate for 2019 was 3.41%, and is approximately 3.56% so far for 2020.

Though many have pointed out a low inflation rate would not necessarily cause new buyers to flock to BTC, the fact remains that once the halving happens in two weeks, the cryptocurrency will have a rate both lower than the global average and that of gold – approximately 2.5% at the time of press. Bitcoin has been more closely correlated with the asset following the March 13 downturn.

Hedge against inflation

As Cointelegraph has reported, Bitcoin could be used as a hedge against the type of inflation the United States might experience following the “unlimited quantitative easing” measures implemented by the government in response to the financial crisis. It already is in countries like Venezuela and Zimbabwe, whose economies are both experiencing hyperinflation.

If the world sees a surge in demand for BTC – with both a fixed supply of coins and low inflation rate following the halving – the asset might be looking more bullish in the near future.

cointelegraph.com

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