Crypto Layoffs Pushed Hiring Process in These Companies


Crypto Layoffs Pushed Hiring Process in These Companies

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Bitcoin (BTC), the most valuable crypto market capitalization, has lost about half of its value this year, and extended crypto assets have followed suit. Employees of many crypto enterprises, as well as investors, have been hit hard by the sudden drop in income. Thousands of people have been laid off by a number of large corporations in an effort to decrease expenses.

 While several prominent crypto companies, including unicorns like Coinbase, Gemini, Robinhood, and others, are laying off employees, others are not just maintaining their present employees but also hiring new ones.

The Financial Industry Regulatory Authority's (FINRA) president and CEO, Robert Cook, spoke about job possibilities for those who had been laid off.

According to Cook,

"Give me a call if you're getting laid off from a crypto platform and want to work with FINRA."

On June 14, FINRA announced its strategic aims to hire experts who were laid off as a result of the significant exchange layoffs in order to have a better understanding of the digital currency business.

 In reaction to Coinbase's announcement that it will be laying off almost a fifth of its personnel, Binance CEO Changpeng Zhao said on Twitter that the exchange will hire 2000 more people.

Following Binance's remarks, Ripple's CEO stated that his company is prepared for the coming crypto winter and would continue to employ.


Kraken, a well-known bitcoin exchange, is also on the lookout for new employees. The exchange said in a blog post that it will hire 500 more people in a range of positions to help it expand its operations.


FTX's co-founder and CEO, Sam Bankman-Fried, also said last week that the exchange is expanding and would be hiring more people, despite competing exchanges laying off workers.


People are struggling to deal with the lack of work as they prepare for what seems to be a long crypto winter. This is a tragic turn of events, since worldwide inflation is at its highest level in decades, while US inflation is at its highest level in 40 years. Furthermore, the lack of a source of money adds to the already stressful and unpredictable situation.


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