While several major crypto trading platforms are engaging in large-scale layoffs and hiring freezes, some of their rivals have been quick to reassure their staff and the public that they are sticking to their hiring plans despite the current global downturn. market.
San Francisco-based Kraken, the world’s fourth-largest cryptocurrency exchange by trading volume, said on Wednesday that it does not intend to make any layoffs and is moving forward with its original hiring plan. For the rest of 2022, the company will fill more than 500 positions.
“[We] I think bear markets are fantastic for weeding out applicants who are chasing the hype of true believers in our mission,” the company wrote in a blog post.
This week, Coinbase, the world’s second largest cryptocurrency exchange, announced that it will cut 18% of its workforce. Crypto.com CEO Kris Marszalek said over the weekend that the company is cut 260 or 5% of its employee base. Gemini, another major crypto exchange that also caters to institutional investors, said in early June that it would lay off 10% of its employees.
The wave of layoffs is occurring amid cryptocurrency selloffs that have hit the value of popular tokens like Bitcoin, Ethereum, and Solana. Trading volumes are declining, which means lower returns for all exchanges (read my colleague Alex’s explanation of what is causing the market to drop).
That’s not. The safety and risk of cryptocurrency-based financial products are in question this week, as Celsius Network, a major cryptocurrency lender that allows users to make deposits to earn interest and borrow in cryptocurrencies, halted withdrawals this week, causing his token price to plummet. . Three Arrows Capital, one of the largest crypto hedge funds, is causing panic among clients as it faces potential insolvency, The Block reported.
The extent to which crypto firms are adjusting their recruiting trajectory depends in part on how aggressive their hiring pace was when the market was most bullish. Those who were on the spree inevitably have to cut back on the fat when business dwindles.
Kraken is not the only one to say that its recruitment goal is not affected by the current market turmoil. Binance.us, the US company associated with the world’s largest cryptocurrency exchange, told its employees that it is “growing faster than ever and hiring for more than 80 positions.” Binance itself is filling 2,000 positions globally, its founder and CEO Changpeng Zhao tweeted This day.