The crypto market is going through a difficult period. Bitcoin has crashed by over 70% in 8 months. Amid the crash, many companies are laying off their employees, trying their best to save cash.
However, not all companies are facing 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.
crypto recession
The crypto winter is often used in the crypto, DeFi and blockchain industries, reflecting the current slowdown affecting the industry after posting unprecedented gains in 2021. The global economic situation, post-COVID economic losses and record inflation across the world have led to massive layoffs. in industry.
Coinbase recently laid off 18% of its employees to save cash. BlockFi announces layoffs 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 who suffer at the hands of fate.
Bit.com is a full-suite cryptocurrency exchange that offers spots, futures, perpetual contracts, options, and savings. They are one of the top 3 exchanges for cryptocurrency options. The exchange is launched by Matrixport, a unicorn already in 2021 with a $1B valuation. The exchange’s own core principles are built around security and risk management features. A top grade firm, Cactus Custody, handles its security. Jihan Wu founded Matrixport and mining equipment maker Bitmain in 2019.
Recently they have announced the launch of USD option within the next few months as a part of their services portfolio.
Bit.com hiring amid layoffs
Bit.com is hiring because it is a golden opportunity.
With so many qualified personnel ready to join the talent pool and get hired at a moment’s notice, it is a dream come true for many. For example, many exchanges will be desperate to hire Coinbase employees. Reputation gives them a distinct advantage.
Bit.com is making the most of this opportunity by hiring the best talent available in the industry. According to media reports, they are looking to double their workforce, with most of the freshmen to become engineers. Undoubtedly this workforce will have the majority of highly skilled workers hired on reasonable pay packages due to the ongoing market crisis.
“We have experienced ups and downs, and we are also committed to a possible future. Crypto enthusiasts and experienced talent are welcome to join Bit.com.” Bit.com COO Lan Yu said.
Such hiring loopholes can temporarily affect the finances of the company. But we can safely assume that the authorities must have thought about this before going on such a hiring spree.
As Lan claimed: “Bit.com has been hiring and growing aggressively since early 2022. The recent collapse of the market has no direct impact on our core runway, we have our own developing and recruiting The plan has the potential to stick. Bear markets can bring negative sentiment to our users, it also gives us time to strengthen our products and risk management for the next bull market.
They may derive some benefit from this recruiter, for example, in that they can choose from a large, diverse talent pool. Also, they will get experienced candidates from top competitors which are difficult to get otherwise. Finally, employees can join immediately without notice or waiting periods. Which will give Bit.com a rapid boost in its talent strategy.
However, it can backfire in many ways, starting with putting a strain on finances. There is serious uncertainty in the US economy, a major source of capital funding and a major market for cryptocurrencies. Furthermore, several jurisdictions have severe regulatory crackdown on cryptocurrency companies, including high taxation (30% in India), while European countries seek a ban on proof-of-work systems. All this, along with high inflation, is expected to affect the buying ability of crypto investors and traders.
conclusion
The world economic slowdown has also had a bad effect on the cryptocurrency and blockchain industry. With layoffs and cost-cutting from many large crypto companies, there is a good number of job opportunities for many companies like Bit.com. If this activity goes well with the hiring, they can benefit immensely from being the top professional in their company.