Amid unfavorable market conditions, some cryptocurrency-related companies decided to downsize or freeze hiring. However, cryptocurrency exchange platform FTX will continue to hire new staff as the crypto winter continues.
In a Twitter thread, FTX CEO Sam Bankman-Fried explained that the exchange will continue to “grow”, explaining that they will incorporate new staff just as they have done in the best days of the market.
Bankman-Fried noted that in February the company slowed down hiring. However, he said this is not due to lack of funds. The move was made to ensure team members had enough time to properly orient new hires before adding more.
13) A lot of reporters have reached out asking if we’re going to be scaling back.
And our answer is the same as always:
We’re going to keep pushing forward.
— SBF (@SBF_FTX) June 6, 2022
13) Many journalists have contacted us asking if we are going to reduce our activity.
And our answer is the same as always:
Let’s keep moving forward.
Criticizing hypergrowth companies, Bankman-Fried stressed that hiring more staff quickly does not equate to a substantial increase in productivity. “Sometimes the more you hire, the less you get,” she said. He explained that this is because rapid growth can make it very difficult to keep all staff “on the same page.”
Also, because FTX took its time and hired employees carefully since February, Bankman-Fried mentioned that the exchange can keep its hiring pace as it is “regardless of market conditions.”
Begining of June, cryptocurrency exchange Gemini has laid off 10% of its employees. According to an exchange notice, the move was due to the current “crypto winter”. In addition to Gemini, Coinbase also decided to slow down trading as early as May.
Already in 2018, the industry witnessed larger layoffs as the market fell. Crypto miner maker Bitmain and crypto exchange Huobi have confirmed they have laid off employees amid the 2018 bear market. Apart from these two, the blockchain company Consensys reportedly laid off around 60% of its staff before announcing the hiring of 600 employees in 2022.
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information set forth herein should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
Keep reading:
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the full amount invested may be lost. The services or products offered are not aimed at or accessible to investors in Spain.