Neither the crypto bear market of 2018 nor the current mainstream financial crisis have stopped crypto exchange Binance from expanding.
Over the past three years, Binance has expanded its operation, even through a major crypto bear market. This trend has continued into the current coronavirus-induced mainstream financial crisis.
“We always continue to expand even during the bear market in 2018, which is when we launched our community blockchain initiative, Binance Chain,” Binance co-founder Yi He told Cointelegraph. “Also, we began exploring partners around the world for local fiat-to-crypto access, licensing our technology and operating in their respective jurisdictions.”
Growing through tough times
Although a difficult time for crypto space participants, the 2018 crypto bear market was not nearly as widespread as the current economic difficulties. Coronavirus prevention measures and fears have caused significant mainstream market downturns, business difficulties, and lay offs.
Binance, however, still shows growth. Yi mentioned the “Open Platform” Binance started in 2020, also noting the company’s desire to lend its liquidity and systems via Binance’s cloud and broker program.
He additionally mentioned the exchange’s work with smart contracts in 2020 on Binance Chain.
Binance has already done a lot in 2020
“During the bearish markets this year, we continued to develop and expand,” He said, pointing toward the outfit’s acquisition of CoinMarketCap, as well as Binance’s work with African payment platform Bundle.
“For people who believe in blockchain, there is no difference between bulls and bears,” He said, adding:
“We have been steadily recruiting excellent talent and developing new businesses, undeniably. We believe that in this current moment, it is easier to find outstanding talent and investment/M&A opportunities.”
Binance recently surpassed 1,000 employees, a staggering 2,000% increase from its 50-person starting roster.