Despite the ongoing market downtrend, the world’s largest cryptocurrency exchange – Binance – continues to expand its working team. Henrique Meirelles, who served as a one-term Brazilian Central Bank President and Economy Minister of the South American country, has reportedly joined the platform as an adviser.

Unlike Binance, which went on a hiring spree during the dreadful crypto winter, many of its cryptocurrency company rivals dismissed a sizeable chunk of their staff in the past few months. These cryptocurrency firms include CryptoCom, Coinbase, Bybit, Gemini, and others.

The recent decline of the cryptocurrency market and the subsequent investor outflow have not been much of a problem for Binance. In June, Binance CEO Changpeng Zhao assured users that the exchange has a “healthy war chest” and cryptocurrency winters are actually the right time for firms to hire more staff.

According to the newspaper O Globo, Binance has added another member to its Advisory Board in the person of Henrique Meirelles. Over the course of his working career, the economist served as the President of Brazil’s central bank. He was also Brazil’s Economy Minister, and in 2018, he ran for President of the South American nation although he lost.

The company’s presence in the Latin American region seems to be getting stronger in recent years. Brazil, Argentina, and Mexico are countries where the fast-rising inflation has caused panic and anxiety among residents. Interestingly some of these residents have turned their attention toward digital assets as a financial tool to escaping the brunt of the inflation.

Last month, top executive of Binance Latin America – Maximiliano Hinz – said the economic unrest in the region is one of the main reasons why the exchange has gotten more clients in recent months; “Now that we are seeing inflation ramping up worldwide, we are seeing that more and more people are seeking cryptocurrency, like bitcoin, as a way to protect themselves from inflation”.

Featured Image Source: www.blog.nfthi.io