Crypto.com Eyes Expansion Amid BTC Rally, Plans to Add 1,400 Staff Despite Regulatory Hurdles
Summary:
Crypto.com plans to approximately add 1,400 employees, in line with other major exchanges like Binance, Coinbase, Gemini, and Kraken, amid the BTC price rally. This strategy aims to support the company's plan to increase its registered users. This growth comes despite significant layoffs in the tech industry in the previous years during a market downturn. Despite the hiring surge, multiple U.S. firms still face regulatory issues and civil lawsuits.
As reported by Bloomberg on April 16, Crypto.com's CEO Kris Marszalek revealed the company's strategy to augment its workforce with an approximate addition of 1,400 employees. In line with the upsurge of Bitcoin (BTC) ahead of the blockchain halving, major exchanges such as Binance, Coinbase, Gemini, and Kraken are amplifying their teams. In spite of several prominent companies in the technology and cryptocurrency sector announcing substantial layoffs throughout 2022 and early 2023 due to market decline, leading to bankruptcy filings from companies like FTX, BlockFi, Celsius, and others.
Marszalek unveiled that since November 2023, around 700 individuals have been employed by Crypto.com, with plans to hire an additional 700 for various corporate and customer service roles. He stated that the decision to bolster their workforce was taken to "strategically, carefully, and gradually" support the company's goals to expand its registered clientele. Layoffs.fyi's research on 255 tech companies revealed a significant reduction, of over 80%, in layoffs in March 2024 with 7,322 layoffs, a drastic drop from the 37,963 layoffs in March 2023.
As mentioned on layoffs.fyi, Coinbase witnessed a second wave of layoffs, further slashing 20% of its workforce. On their official websites, Coinbase presently lists 215 available roles, Kraken lists 81, Gemini lists 80, and Binance boasts a substantial 347 openings. Subsequent to regulatory inspection and a dip in token prices, several cryptocurrency companies scaled down their employee numbers by nearly 20% in 2023.
Following the record-breaking high BTC price and the 2024 approval of spot Bitcoin exchange-traded funds, a reversal of these modifications seems imminent. Nonetheless, a multitude of firms in the United States continues to be embroiled in civil lawsuits by the U.S. Securities and Exchange Commission and face regulatory issues at the state and federal levels.
Published At
4/16/2024 10:20:00 PM
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