Bit.com Plans to Double Workforce as Layoffs Mount in Crypto and Financial Markets
27 Giugno 2022 - 9:45AM
NEWSBTC
The crypto markets are going through a rough phase. Bitcoin has
crashed more than 70% in 8 months. Amidst the crash, several
companies are laying off their employees, desperately trying to
save cash. However, not all companies are facing the hammer of
fate. Bit.com, the second-largest crypto options exchange, seeks to
double its workforce amidst layoffs. But why? Let’s explore. The
Crypto Recession Crypto winter is frequently used in the
cryptocurrency, DeFi and blockchain industry to denote the current
recession that has hit the industry after it made phenomenal gains
in 2021. The global economic condition, post-COVID economic losses
and record inflation worldwide have led to mass layoffs in the
industry. Coinbase recently trimmed off 18% of its employees 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 bring an opportunity to hire some of
the best minds in the industry. These are talented people suffering
at the hands of fate. Bit.com is a full-suite cryptocurrency
exchange offering spot, futures, perpetual contracts, options and
savings. They are one of the top 3 exchanges for cryptocurrency
options . The exchange is launched by Matrixport, which is already
a Unicorn With a $1B Valuation in 2021. The exchange has its core
principles built around security and risk management features. A
top-grade firm, Cactus Custody, handles its security. Jihan Wu
founded Matrixport in 2019 and the mining rig manufacturer Bitmain.
Recently they have announced to launch USD options within the next
few months as a part of their service portfolio. Bit.com hiring
amid layoffs Bit.com is hiring because it is a golden opportunity.
With so many qualified personnel joining the talent pool and ready
to get hired at a moment’s notice, it is a dream come true for
many. For example, several exchanges will be desperate to hire
Coinbase employees. The reputation gives them a distinct advantage.
Bit.com is taking the maximum benefit of this opportunity by hiring
the best talents available in the industry. As per media reports,
they are seeking to double their workforce, with a majority of the
new hires to be engineers. Undoubtedly this workforce will have a
majority of highly skilled employees hired at reasonable salary
packages due to the ongoing market crisis. “We have experienced the
ups and downs, and we also committed to the potential future.
Crypto enthusiasts and experienced talents are welcome to join
Bit.com” said Lan Yue, COO of Bit.com. A drawback of such
hiring could temporarily affect the company’s finances. But we can
safely assume that the executives have thought about this before
going on such a hiring spree. As claimed by Lan: ”Bit.com has been
hiring and growing aggressively since the beginning of 2022. The
recent collapse of the market has no direct impact on our original
runway, we have the capacity to stick to our developing and hiring
plan. Bear market may bring our users negative sentiment, it also
brings us time to strenghten our product and risk management for
the next bull market” A few benefits that they might derive from
this hiring are, for example, that they can choose from a large,
diverse talent pool. Also, they will get experienced candidates
from top competitors that are difficult to get otherwise. Lastly,
employees could join immediately without any notice or waiting
period. Which will give Bit.com a fast push in its talent strategy.
However, this could also backfire in several ways, starting from
putting stress on finances. There is severe uncertainty in the US
economy, a major source of capital funding for cryptocurrencies and
a major market. Further, several jurisdictions have a severe
regulatory crackdown on cryptocurrency companies, including high
taxation (30% in India) while European countries seek a ban on the
proof-of-work system. All of this, combined with high inflation, is
expected to affect the buying capacity of crypto investors and
traders. Conclusion The world’s economic downturn has also had a
bad effect on the cryptocurrency and blockchain industry. With
layoffs and cost-cutting from several big crypto companies, there
is an opportunity for many companies like Bit.com to hire in good
numbers. If this activity goes well with hiring, they could highly
benefit from having top-of-the-line professionals in their company.
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