Among unfavorable market conditions, some cryptocurrency-related firms made the decision to chop their workforce or freeze hiring. However, crypto exchange platform FTX continues hiring new personnel because the crypto winter continues.
Inside a Twitter thread, FTX Chief executive officer Mike Bankman-Fried described the exchange continuously “keep growing,” explaining that they’ll onboard new staff just like they’ve done around the market’s better days.
Bankman-Fried noted that in Feb the organization slowed lower hiring. However, he stated that this isn’t as a result of insufficient funds. The move ended to make certain that team people can have plenty of time to correctly mentor new employees before adding more.
13) Lots of reporters have arrived at out asking if we are likely to be scaling back.
And our answer is equivalent to always:
We are likely to keep pushing forward.
— SBF (@SBF_FTX) June 6, 2022
Criticizing hypergrowth companies, Bankman-Fried underscored that hiring more staff rapidly doesn’t equal a considerable rise in productivity. “Sometimes, the greater you hire, the less you receive done,” he stated. He described that it is because rapid growth makes it tough to keep all staff “on exactly the same page.”
Furthermore, because FTX required it is time and hired employees carefully since Feb, Bankman-Fried pointed out the exchange will keep its hiring pace because it is “regardless of market conditions.”
Related: FTX apparently searching for brokerages when preparing for stock buying and selling
At the beginning of June, crypto exchange Gemini let go 10% of their employees. Based on a notice in the exchange, the move was because of the current “crypto winter.” Aside from Gemini, Coinbase also made the decision to slow lower hiring in May.
In 2018, the observed bigger layoffs because the market went lower. Crypto miner manufacturer Bitmain and crypto exchange Huobi confirmed they fired employees among the 2018 bear market. In addition to the two, blockchain company Consensys apparently dropped around 60% of their staff before announcing the hiring of 600 employees in 2022.
