NewsletterThese Crypto Exchanges Are Hiring Despite A Market Crash
A severe drop in crypto prices this year has also impacted several crypto exchanges, with Coinbase recently announcing an 18% job cut.
But some exchanges have managed to buck the trend, and are expanding operations even as markets tumble.
Kraken follows Binance in announcing openings
Kraken, the fourth-largest exchange by daily volumes, announced that it will be hiring over 500 employees despite the plunge in the market. The exchange said it is determined to meet its hiring commitments irrespective of the decline in crypto prices.
Recently, Binance, the largest crypto exchange, also said it has more than 2,000 roles open for hire. The exchange is also pursuing expansions into Europe and Southeast Asia- the latter of which has a large number of crypto users.
TRON also declared that it will be increasing its workforce by nearly 50%, CEO Justin Sun said. Sun’s invitation comes despite pressure on the firm to support its TRX and USDD tokens.
Coinbase, Gemini cut roles
In contrast to openings in Binance and Kraken, several other crypto exchanges are cutting roles.
Coinbase, the biggest of the lot, said is laying off about 18% of its total employees, a move that will see 1,100 people leaving the firm. The firm also announced a hiring freeze earlier this year.
The exchange had suffered a loss of $420 million in the March quarter. According to Coinbase CEO, Brian Armstrong, a coming recession is expected to be prolonged.
Crypto.com and leading platform BlockFi has also decided to cut off their workforce by 5% and 20% respectively.
Crypto platform Gemini, founded by Cameron and Tyler Winklevoss, has also decided to cut down its workforce by about 10%
Crypto markets are seeing one of their worst crashes in recent history, with the broader market shedding about $300 billion in the span of a few days.
Bitcoin and Ethereum are currently trading at their lowest levels in over a year, and around levels that, if breached, could signal even more selling in markets.
Ethereum, in particular, faces a large amount of losses due to its high leverage in derivatives and DeFi markets.
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