FTX has claimed that it will continue to hire more people despite Coinbase and Gemini halting hiring new people due to market volatility
FTX Is Actively Hiring More People
FTX, a crypto exchange based in North America, has claimed that it will continue to expand despite competitors Coinbase and Gemini cutting their losses.
According to LinkedIn, FTX’s job postings are still open, and the exchange is ‘actively recruiting,’ despite Coinbase rescinding already-accepted job offers. Worse, Gemini has laid off 10% of its employees.
In a Twitter thread, FTX CEO Sam Bankman-Fried revealed why the company decided to hire more people, despite the crypto market’s lackluster performance. FTX, he claims, has been in charge of integrating new joiners into the organization and so increasing their efficiency.
Coinbase, Gemini Halt Hiring
Coinbase said two weeks ago that it would begin to scale back its recruiting due to market volatility.
According to an article on Entrepreneur.com, L.J Brook, Coinbase’s chief people officer, emailed the following to the company’s employees:
“As we manage through this downturn, we want to be transparent about the decisions we have to make in order to meaningfully manage expenses.”
“While we did not make this decision lightly, it is the prudent one given market conditions. We will continue to evaluate all of our options to responsibly navigate Coinbase through the current cycle. We always knew crypto would be volatile, but that volatility alongside larger economic factors may test the company, and us personally, in new ways.”L.J Brook, Coinbase’s CPO
Coinbase isn’t the only company that has had to tighten its belt. On Thursday, Gemini announced that it would have to downsize its employees by 10%, citing the “crypto winter” as the reason.
FTX Expands Its Operations
FTX has been expanding its operations into new territories. The crypto exchange, for example, has secured permits to operate in Middle Eastern countries such as the United Arab Emirates and Bahrain. The crypto derivatives exchange has opened offices in Japan and Australia.
Furthermore, the cryptocurrency exchange has begun trading stocks and has shown an interest in acquiring businesses such as the Mobile Premier League (MPL).
In other news, the cryptocurrency market has plummeted yet again overnight. Despite a good start, Bitcoin has fallen to $29,000 after its ascension to $32,000 was refused for the longest time. Despite its steady return to the $2,000 zone, Ethereum has fallen to $1,700 once more.