In the same crypto winter, Coinbase is firing while Binance is hiring… What am I missing?

Right now I'm guessing that it must be really cold out there, not just for most crypto investors, but also for those who work in different crypto firms.

What do I mean?

Take for instance, Binance said it is looking to bring onboard about 2000 new staff for roles in engineering and product development, Ripple also announced that the crypto winter isn't anything new and it would surely pass.

Ripple CEO, Brad Garlinghouse even went ahead to explain that Ripple had gone through several bear cycles, and the blockchain firm comes out stronger and better due to its team of experienced executives and its long term vision as a company.

While this is happening with Binance and Ripple, we cannot say the same for blockchain firms like Polygon, Zetrix and Solana or other crypto exchanges similar to binance. Coinbase for instance just announced that it would be laying off about 1000 individuals which equates 18% of its staff strength. Crypto.com and Gemini exchanges also announced that they would be cutting down on manpower due to the current rough patch in the market.

Well, I guess rough times like this that the market currently is also has the good side of showing who the real heavyweight firms are.