Some of their rivals have rushed to assure their staff and the public that they are sticking to their recruiting plans despite the current market downturn.
San Francisco-based Kraken is going ahead with its original hiring plan despite the fact that it does not intend to make any layoffs. More than 500 roles have been filled for the rest of the year.
According to the company, bear markets are a great way to weed out applicants who are chasing hype.
The second-largest exchange in the world is cutting 18% of its workforce. Kris Marszalek said over the weekend that the company is cutting 260 jobs.
There is a wave of layoffs happening because of the huge sell-offs of popular criptoms. Smaller revenues for all the exchanges are a result of trading volumes declining.
It is not that. Celsius Network, a major lender that lets users make deposits to earn interest and take out loans incryptocurrencies, halted withdrawals this week, sending the price of its token tumbling. According to The Block, Three Arrows Capital is causing panic among its customers as it faces the risk of insolvency.
When the market was good, the hiring pace of the firms was more aggressive. The people who were on a spree have to trim their fat.
The current market turmoil isn't the only thing that's unaffected by it. The company that is associated with the world's largest coin exchange told its employees that it is growing faster than ever and is looking to hire more people. Changpeng Zhao, the founder and CEO of Binance, said that the company is filling 2,000 positions around the world.
What’s the catalyst behind the crypto crash?
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