Crypto Employees are Losing Jobs Amidst the Beginning of Bear Market
- Crypto firms like Gemini, BlockFi, etc, are cutting down jobs.
- Binance, on the other hand, is hiring.
The crypto market is going through one of the darkest bear cycles, and it is a wild ride for all the crypto firms, exchanges, and lending platforms. Several firms are laying off employees and cutting jobs.
It started with Gemini cutting off 10% of its workforce, followed by Coinbase announcing a hiring freeze and revoking accepted job offers. NFT exchange VP Boone also predicted that the volatility of the market and the layoffs would continue till the summer.
The crypto exchanges are facing the hardest time and recently, Buenbit, an Argentina-based crypto exchange, laid off almost 45% of its staff. An equity analyst, George Sutton said, “The beauty of this industry is there are a plethora of disruptive models in the digital currency and blockchain space to gladly hire any available talent. We view the volume declines as temporary.”
Earlier today, Crypto.com announced that it is cutting off about 260 jobs owing to the market downturn. CEO Kris Marszalek said that they are planning more sustainable growth and are focussing on optimizing their resources. Another lending platform, BlockFi will also be laying off around 20% of its workforce.
However, interestingly, Binance CEO Changpeng Zao said that they are hiring at the moment. He further explained, “If we are in a crypto winter, we will leverage that, we will use that to the max.” Therefore, it is anticipated that Binance is gearing up to face the downfall and may be planning to bring in exciting features for its customers after this phase is over.