While Coinbase and a few other companies, such as BlockFi and Crypto.com, are said to be struggling with extreme market conditions and a dramatic drop in the value of the tech industry, other cryptocurrency exchanges have taken the opposite path and have opened new hiring opportunities during this time.
The cryptocurrency crisis has been in the news a lot this week. Whether you own crypto or not, you’ve probably been watching to see how the rest of the world reacts to this market drop. Despite the fact that this is not the first crypto market crisis since its start, it has impacted many investors and even non-investors.
Employees at Coinbase have been laid off without warning.
During this bear market, however, it is not just the investments that matter; employees have also been impacted by the falling crypto values, after the announcement of hundreds of layoffs at Coinbase. Was this a foregone conclusion from the once-dominant US cryptocurrency exchange?
Coinbase let off about 18 percent of its workforce by email on Tuesday, citing a struggle to withstand the current bitcoin meltdown. Brian Armstrong, the company’s CEO, agreed that it was a surprising and unexpected action that would disappoint hundreds of loyal employees.
While Coinbase and a few other companies, such as BlockFi and Crypto.com, are said to be struggling with extreme market conditions and a dramatic drop in the value of the tech industry, other cryptocurrency exchanges have taken the opposite path and have opened new hiring opportunities during this time.
In the wake of massive industry layoffs, Binance is hiring.
According to Binance CEO Changpeng Zhao, despite the plummeting crypto market, the company created 2000 new hiring jobs on Wednesday. The company’s employment board has been updated to reflect the new positions available throughout Europe, Asia, Africa, South America, and the Middle East.
Binance’s CEO affirmed that the company’s strategy is aimed at achieving long-term growth regardless of market conditions, including repeated market downturns or even a prolonged market drop.
In the midst of the industry-wide job reduction, Kraken and Polygon have also increased hiring. All three organizations are sure to seize the opportunity to hire some of the greatest personnel in the field.
