Who’s Firing—And Still Hiring—During the Bitcoin Bear Market

摘要： Some crypto companies are feeling the crunch of a market crash and reducing their employee headcount to cope—but others are still expanding and securing fresh talent. Here's who's hiring and firing in crypto right now.

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Cryptocurrencies and the stock market have been hammered by deteriorating economic conditions so far this year, between a recession potentially looming, sky-high inflation and a Federal Reserve that’s poised to further cool down the economy by raising interest rates.

The worsening outlook towards the economy has led companies to cut back on hiring or shrink operations in an attempt to better manage costs and protect profits. In early June, Tesla CEO Elon Musk said he has a “super bad feeling” about the economy in an email to company executives and stated 10% of salaried employees at the company would need to lose their jobs, according to reporting from Reuters.

The sense of pessimism has led to similar cuts among companies in the world of crypto, but not all, with some currently hiring and feasting amid the carnage.

Decrypt will continue to update this list with more staffing news from big companies.

Who’s firing?

Gemini

Gemini Trust Co., owned by billionaires Tyler and Cameron Winklevoss, was among the first of crypto titans to announce it was firing employees. On June 2, the company said in a blog post it would be cutting approximately 10% of its workers, citing “turbulent market conditions that are likely to persist for some time.”

Coinbase

Coinbase, meanwhile, announced a hiring freeze that saw job offers rescinded from employees it had already reached agreements with. The company would later state the need to lay off 1,100 of its workers and prepare for an “extended” crypto winter, slashing its workforce by 18% because it “over-hired” during the previous bull run in crypto markets.

BlockFi

BlockFi CEO Zac Prince declared the company that offers its customers high-yield crypto accounts would be “reducing [its] headcount by roughly 20%” to around 600 on June 13 and said the “decision was driven by market conditions that have had a negative impact on our growth rate and a rigorous review of our strategic priorities.”

Who’s hiring?

While momentum across markets is dragging down on some companies experiencing a hiring hangover, others are expanding and possibly scooping up talent that their competitors shed.

FTX

FTX has no plans to stop hiring new employees, Sam Bankman-Fried, the company’s CEO stated on June 6. The second-largest crypto exchange by volume behind Binance, according to data from CoinMarketCap, has approximately 250 employees.

“We're going to keep pushing forward,” said Bankman-Fried in a Twitter thread. “Because we hired carefully, we can keep growing regardless of market conditions.”

Kraken

Kraken said they have no intentions of making any layoffs and see the current market downturn as a “time to build,” the company stated in a blog post on June 15. It claims to not have adjusted its hiring plans and has 500 positions to fill throughout the remainder of this year.

In the statement, the company emphasized it is not guided by “short-term opportunities to maximize profit” and has learned how to navigate through tough times from experience with previous cycles, having been established back in 2011.

轉貼自： decrypt

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