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Bitcoin News Bit.com plans to double its workforce as layoffs increase in crypto and financial markets

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The cryptocurrency market is going through a difficult period. Bitcoin has dropped more than 70% in 8 months. Amid the collapse, some companies are laying off their employees, desperately trying to save cash.

However, not all companies face the hammer of fate. Bit.com, the second-largest crypto options exchange, is looking to double its workforce amid layoffs. But why?

Let’s explore together.

Crypto Recession

Crypto winter is commonly used in the crypto, DeFi, and blockchain industries to denote the current recession that has hit the industry after it posted phenomenal gains in 2021. Global economic conditions demand, post-COVID economic damage and record inflation worldwide have resulted in mass layoffs in the industry.

Coinbase recently cut 18% of its staff to save cash. BlockFi announced the layoff of 400 employees. Crypto.com also wants to lay off a similar number of employees.

However, these layoffs also offer the opportunity to hire some of the best minds in the industry. These are talented people who endure at the hands of fate.

Bit.com is an all-inclusive cryptocurrency exchange offering spot, futures, perpetuals, options and savings. They are one of the top 3 exchanges for crypto options. The exchange is launched by Matrixport, which is already Unicorn with a valuation of $1 billion in 2021. The exchange has core principles built on security and risk management features. A leading company, Cactus Custody, takes care of its security. Jihan Wu founded Matrixport in 2019 and mining rig manufacturer Bitmain.

They recently announced the launch of USD options within the next few months as part of their portfolio of offerings.

Bit.com Hiring Amidst Layoffs

Bit.com are hiring because it’s a golden opportunity.

With so many qualified personnel joining the talent pool and ready to be hired immediately, it’s a dream come true for many. For example, some exchanges will be keen to hire Coinbase employees. Reputation gives them a distinct advantage.

Bit.com is taking full advantage of this opportunity by hiring the best talent available in the industry. According to media reports, they are looking to double their workforce, with the majority of the new hires being engineers. Without a doubt, this workforce will be dominated by highly skilled employees hired at reasonable wages due to the ongoing market crisis.

“We’ve been through ups and downs, and we’re also committed to the potential future. Cryptocurrency enthusiasts and experienced talent are welcome to join Bit.com,” said Lan Yue, COO of Bit.com.

A limitation of such hiring could temporarily affect the company’s finances. But we can safely assume that executives have thought about this before conducting such a hiring spree.

As Lan stated: “Bit.com has been recruiting and growing strongly since the beginning of 2022. The recent market crash did not directly affect our original runway, we have the ability to ability to follow their development and recruitment plans. The bear market can give our users negative sentiment, it also gives us time to strengthen the product and manage risk for the next bull market.”

For example, some of the benefits they can gain from this hiring is that they can choose from a large and diverse pool of talent. In addition, they will get experienced candidates from top competitors that are hard to come by. Finally, employees can join immediately without notice or waiting. This will help Bit.com accelerate its talent strategy.

However, this can also backfire in a number of ways, starting with financial stress. There is severe instability in the US economy, a major source of capital for cryptocurrencies and a large market. Furthermore, some jurisdictions have a severe regulatory crackdown on crypto companies, including high taxation (30% in India) while European nations seek an injunction. Prohibited for proof-of-work systems. All of this, combined with high inflation, is expected to affect the purchasing power of crypto investors and traders.

Inference

The world economic downturn is also having an adverse effect on the cryptocurrency and blockchain industry. With layoffs and cost cuts from several major crypto companies, there are opportunities for more companies like Bit.com to hire in bulk. If this goes well with recruitment, they can greatly benefit from having top experts in their company.

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Teja
Teja
I am passionate about journalism and using new technology to spread news. I am also interested in politics and economics, and I am always looking for ways to make a difference in the world. I am the CEO of Janaseva News, and I am 24 years old.

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