Binance and Kraken continue their hiring spree as other crypto exchanges lay off workers amid a crypto winter.
Cryptoassets are a highly volatile unregulated investment product.
Crypto Layoffs
Winter has set in the crypto market, and as a result, many exchanges have laid off workers. Bitcoin’s plummeting price has prompted the rest of the market to follow suit and has resulted in major exchanges laying off workers because they expect less trading volume in a bear market.
Coinbase laid off 18% of its workforce, and they weren’t the only ones. Other major crypto exchanges such as Crypto.com laid off 260 workers, and Gemini and BlockFi also announced they would cut jobs to survive the crypto winter. The worst part is that’s not the end of it. More exchanges have announced layoffs. One of them is Bybit, headquartered in Singapore but found globally.
Binance and Kraken Hiring Spree
Although some exchanges have felt the pounce of the bear market and slashed jobs, two exchanges are busy hiring employees. Binance announced that it has 2,000 job openings across several continents and plans to fill those positions. CEO Changpeng Zhao stated that Binance had positioned itself for sustained growth over the next decade through multi-year declining markets. It seems that investors on Binance still want to buy crypto.
Zhao isn’t the only CEO looking to add more staff to the payroll. Kraken CEO Jesse Powell is determined to employ 500 people. But it seems that Powell is also on a mission to push some employees out of the company, and it’s got nothing to do with a crypto market crash. Powell stated that ‘woke’ employees will be managed out of the company and although they may be talented, they’re a bad fit.
Cryptoassets are a highly volatile unregulated investment product.
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