Who is still laying off and hiring during the Bitcoin bear market


Cryptocurrencies and the stock market have been hammered by deteriorating economic conditions so far this year, between a potentially impending recession, spiraling inflation and a Federal Reserve that is poised to further cool the economy by raising interest rates.

The deteriorating economic outlook has led companies to reduce hiring or reduce operations in an effort to better manage costs and protect profits. In early June, Tesla CEO Elon Musk said he had a “super bad feeling” about the economy in an email to company executives and said 10% of employees at the company should lose their jobs, according to reports from Reuters.

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

Who shoots?


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


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


Zac Prince, CEO of BlockFi declared the company that offers its customers high-yield crypto accounts would “reduce [its] from around 20%” to around 600 on June 13 and said the “decision was driven by market conditions that negatively impacted our rate of growth and a rigorous review of our strategic priorities.”


Crypto.com announcement he would lay off 5% of his company or 260 members of his workforce to “ensure continued and sustainable long-term growth”, CEO Kris Marszalek said in a Tweet June 10. He added, “We will continue to assess how best to optimize our resources to position ourselves as the strongest builders during the bear cycle in order to become the biggest winners in the next bull run.”

Over the past six months, Crypto.com has paid around $1.4 billion to become a sponsor of the FIFA World Cup and put its name to what used to be the Staples Center in Los Angeles, as well as $100 million extra dollars for Matt Damon to play. in Crypto.com’s Super Bowl ad earlier this year, with the notable statement, “Fortune smiles on the brave.”


2TM, the company that created Mercado Bitcoin, has released a statement saying it would lay off 12% of its 750 workers in the same week. The company that runs the second-largest cryptocurrency exchange in Latin America by volume, according to data from CoinGecko, based its decision on “changes in the global financial landscape” that forced it to go beyond simply reducing operating expenses.


Bisto, the largest cryptocurrency exchange by volume in Latin America, had revealed that it was Chopped off 80 of its 700 employees the previous week in a context of economic tightening. The company was founded in 2014 and operates in the United States, Colombia, Mexico, Brazil and Argentina. The exchange hosts 34 tradable currencies and claims to be the largest in Mexico.


Buenbit, a major cryptocurrency exchange in Argentina, also said it had to lay off 45% of its workforce around the same time, cutting its roster of employees to 100 from 180. CEO Federico Ogue said in a Twitter feed“After a year 2021 of exponential growth for the tech industry, we find ourselves going through a stage of global overhaul.”

Who recruits ?

As momentum in the markets slows some companies that are experiencing a hiring hangover, others are expanding and perhaps picking up talent their competitors have lost.


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

“We’re going to keep moving forward,” Bankman-Fried said in a Twitter feed. “Because we’ve hired carefully, we can continue to grow regardless of market conditions.”


Kraken said it had no intention of making any layoffs and viewed the current market downturn as a “building moment,” the company said in a statement. blog post June 15. He claims not to have adjusted his hiring plans and has 500 positions to fill for the remainder of this year.

In the statement, the company stressed that it was not guided by “short-term opportunities to maximize profits” and that it had learned to weather difficult times through the experience of previous cycles, established in 2011.


Binance CEO Changpeng Zhao said Binance is getting stronger as competitors try to shrink, announcing the company is hiring 2,000 employees on the same day Kraken also revealed a push to hire more.

“It wasn’t easy to say no to the Super Bowl ads,” the CEO says said in a Tweetimplying that having paid for the potential exposure would not have been in the company’s best interest.

“If we are in a crypto winter, we will take advantage of it, we will use it to the fullest,” Changpeng Zhao reportedly said, according to Fortuneat the Consensus 2022 conference in Austin, Texas, adding that Binance has a “healthy war chest.”


OpenSea announcement it “hiring at all levels” on June 14 at the bottom of a blog post on its website revealing details about the release of its new Seaport, a Web3 protocol designed to make it easier to buy and sell NFTs.


Everstake, a Web3 company based in Ukraine, offers its clients high-yielding accounts on the staked cryptocurrency and “continues to grow its team”, adding 30 employees since Russia invaded Ukraine, said Vlad Likhuta, Corporate Growth Manager. Decrypt in an email, also on June 14.


Polygon, the company known for its sidechain network that bears the same name and allows dapps to be built scalably on Ethereum, is also growing, CEO Ryan Watt said in a Tweet on June 15, stating that the company is working to increase its workforce by about 15% by the end of this year.

On the same day, Tyler Sellhorn, Polygon’s remote manager, asked people on Twitter who knew people laid off from Coinbase and other Web3 companies to apply to Polygon, posting a link to Polygon’s job page. business in a Next Tweet.

Where from here?

Until cryptocurrency markets reverse course, more companies could announce layoffs or even shut down altogether, and the downward price trend of most digital assets could be exacerbated by a stock market. declining or further economic turbulence.

However, some companies will take advantage of the opportunity and try to position themselves in the hope of taking advantage of the market recovery, when it comes.

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