BusinessDay
NigeriaDecides2023

FTX to continue hiring workers amid crypto market crash

FTX, a Bahamas-based cryptocurrency exchange company founded in 2019, has said it will continue hiring workers and keep growing the market amid unfavourable performance which has affected most crypto workforce.

FTX also has substantial investments and operations in African countries including Nigeria.

Sam Bankman-Fried, the chief executive officer of FTX explained in a Twitter thread that the company will keep growing its workforce and exchange will keep growing as they have always done on favourable days.

“A lot of reporters have reached out asking if we are going to be scaling back and our answer is the same as always. We are going to keep pushing forward. More will be joining than leaving, though as always, we will make sure to add people at a sustainable rate and make sure to uphold a high standard,” Sam said.

According to the CEO, FTX will continue growing irrespective of the market condition because the members of staff are carefully hired and each person adds to a huge opportunity and responsibility.

Citing hypergrowth companies, he stated that “most times, the more you hire, the less you get done because of lack of coordination that will accompany the process and diffusion of responsibility.”

He urged organisations to always ensure the teams are coordinated, with fair compensation.

Read also: Why cryptos aren’t allowed, by CBN

Meanwhile, crypto exchange Gemini laid off 10 percent of its employees at the early start of June due to the current crypto winter, according to a notice from the company.

Similarly, Coinbase, according to the exchange, also decided to slow down hiring in May.

In 2018, the crypto market also witnessed a massive layoff of staff when the market went down. Crypto miner manufacturer Bitmain and crypto exchange Huobi confirmed that they fired employees amid the 2018 bear market.

Apart from the two, blockchain company Consensys also reportedly dropped around 60 percent of its staff before announcing the hiring of 600 employees in 2022.

Meanwhile, on June 13, 2022, Bitcoin, the most popular cryptocurrency, crashed below $24, 000 representing a 65 percent decline from its all-time high of $69, 000 in November with over 180, 000 traders losing an estimated amount of $520 million.

The data shows that crypto market capitalization fell below $1 trillion for the first time since February 2021.

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