Crypto markets are currently in a difficult phase. Bitcoin’s price has fallen more than 70% within 8 months. Numerous companies are trying desperately to reduce cash by layingoff employees amid this crash.
But not all companies will be facing this fate. Bit.com, which is second in crypto options trading, wants to double its workforce during layoffs. What is the reason?
Let’s explore.
The Crypto Recession
The term crypto winter is often used by the blockchain, cryptocurrency and DeFi industry to describe the current economic recession. This has occurred after the industry made incredible gains in 2021. Mass layoffs have occurred in this industry due to the global economic situation, record inflation and post-COVID economic losses.
Coinbase has cut 18% from its workforce to conserve cash. BlockFi announces the layoffs of 400 employees. Crypto.com is also looking to reduce its workforce.
These layoffs offer an opportunity for some of the most talented minds in the business to be hired. They are gifted people who have been beaten by fate.
Bit.com offers a complete-suite of cryptocurrency exchanges including spot, futures and perpetual contracts. It also has options, savings, and other services. One of the most popular exchanges to trade cryptocurrency is Bit.com. Matrixport is the company that launched this exchange. It is already known as a Unicorn in 2021 with a valuation of $1 billion. Its core principles are based on security and risk management. Cactus Custody manages the security of this exchange. It is a top-notch firm. Jihan Wu co-founded Matrixport and Bitmain, a mining rig maker.
They recently announced that USD options will be available within the next few weeks as part of their service offering.
Bit.com hires during layoffs
Bit.com has a great opportunity to hire.
With so many qualified personnel joining the talent pool and ready to get hired at a moment’s notice, it is a dream come true for many. Many exchanges are eager to hire Coinbase staff. They have a strong reputation.
Bit.com has hired the top talent in the field to maximize this chance. Media reports claim that they want to double the workforce. The majority of their new hires will be engineers. Due to the current market crisis, this workforce will likely include a large number of highly qualified employees who have been hired for reasonable wages.
“We have experienced the ups and downs, and we also committed to the potential future. Crypto enthusiasts and experienced talents are welcome to join Bit.com” said Lan Yue, COO of Bit.com.
A drawback of such hiring could temporarily affect the company’s finances. We can assume, however that these executives thought of this before embarking on such an hiring spree.
As claimed by Lan: ”Bit.com has been hiring and growing aggressively since the beginning of 2022. We are able to continue to develop and hire as our hiring plans, even though the recent market collapse has not had an immediate impact on our runway. Bear market may bring our users negative sentiment, it also brings us time to strenghten our product and risk management for the next bull market”
They might also be able to choose from many diverse candidates. You will be hiring top-quality candidates who are not easy to find. Employees can join the company immediately, without waiting periods or notice. This will allow Bit.com to quickly expand its talent strategy.
This could backfire however in many ways. It is difficult to predict the US economy’s future, which has been a significant source of capital for cryptocurrency investments and an important market. Many jurisdictions have taken a tough stance against cryptocurrency businesses, with high taxation in India (30%) and Europe seeking to ban proof-of-work systems. This combined with rising inflation is likely to impact the purchasing power of traders and crypto investors.
Conclusion
The world’s economic downturn has also had a bad effect on the cryptocurrency and blockchain industry. Many companies such as Bit.com have the opportunity to recruit in large numbers, despite numerous layoffs and cost cutting by major crypto companies. They could greatly benefit from top-of the-line staff if this hiring activity is successful.