The current bear market has not only burned investors but has also affected the crypto employment landscape. Significant businesses are letting go of a large number of employees in an attempt to cut costs. These include names like Gemini, Coinbase, Crypto.com, and BlockFi, among many others. However, cutting costs have also led to people’s livelihood disruption.
Nonetheless, while many were shrinking their workforce, some, on the other hand, are expanding. Let’s take a look at the crypto companies that are currently hiring employees in this bear market.
FTX: FTX is a significant player in the crypto realm. According to CEO Sam Bankman-Fried, the company will not stop hiring new employees.
FTX has also been involved in helping failing crypto businesses get back on their feet. The firm recently green-lit a $250 million revolving credit facility to BlockFi. The exchange also helped fellow Japanese exchange, Liquid, in a $120 million debt financing. FTX later acquired the Japanese exchange.
Kraken: The popular crypto exchange has announced via a blog post that they have no intention of slowing down its hiring process. As per the exchange, they have 500 positions to fill. The business also stated that the current dip is a “time to build.”
Binance: The largest crypto exchange in the world has recently revealed that it has 2000 open positions. CEO CZ stated that the business is in a better place to hire as it denied advertisements and naming rights.
OpenSea: On June 14, OpenSea revealed information on the launch of Seaport, a Web3 protocol intended to simplify the purchasing and selling of NFTs, and stated that it is hiring across the board.
Polygon: The CEO of Polygon, Ryan Wyatt, stated in a Tweet on June 15 that the firm aims to raise its employment by around 15% by the end of this year. Polygon is well-known for its sidechain network of the same name, enabling scalable Apps to be created on Ethereum.
Ripple: Ripple may be locked in a lawsuit with the SEC, but that’s not stopping the firm from growing. In a recent tweet, the firm stated that it is looking to hire more workers.
More businesses may declare layoffs or perhaps shut down totally until cryptocurrency markets turn around. Addtionally, a weakening stock market or further economic unrest may worsen the downward trend for the digital asset market.
Nevertheless, some businesses will seize the chance and attempt to position themselves in the hopes of profiting from the market’s rebound, whenever that may be.