Crypto Layoffs Pushed Hiring Process in These Companies

Paigambar Mohan Raj
Source: The New Indian Express

Bitcoin (BTC) the largest cryptocurrency by market capitalization has lost nearly 50% of its value this year and was followed by the extended crypto assets. Not only investors but also employees of many crypto companies were facing the brunt of the recent collapse as revenues shrink. Many major companies have laid off thousands of workers in an attempt to cut costs.

While many large crypto firms, including unicorns like Coinbase, Gemini, Robinhood, and others are laying off workers, there are still some firms that are not only keeping their current staff but also adding new ones.

Robert Cook, president, and CEO of the Financial Industry Regulatory Authority (FINRA) spoke about employment openings for people who were let go.

Cook stated,

“Anybody getting laid off from a crypto platform and wants to work for FINRA, give me a call.”

On June 14, FINRA stated its strategic goals to hire professionals who had been unemployed as a result of the large exchange layoffs to better comprehend the digital currency market.

Binance CEO Changpeng Zhao said on Twitter that the exchange will be employing 2000 more workers in response to Coinbase’s revelation that it would be cutting approximately 1/5th of its workforce.

After Binance made its announcements, Ripple’s CEO said that his firm is ready for the impending crypto winter and that it will continue to hire.

Kraken, the popular cryptocurrency exchange, is also actively hiring. To bolster its operations, the exchange said in a blog post that it will be employing 500 more individuals in a variety of jobs.

Sam Bankman-Fried, co-founder and CEO of FTX, also declared last week that the exchange is growing and will be recruiting additional personnel even though rival exchanges are laying off staff.

As people brace themselves for what appears to be a long crypto winter, people are trying to cope with not having employment. This sure comes as a sad turn of events as global inflation is at its peak in many decades, while the US records a peak after 40 years. On top of that not having a source of income only adds to the already stressful and uncertain atmosphere.