BlocksInform
In an unfavourable market environment, some cryptocurrency-linked companies have decided to downsize or freeze hiring. However, the cryptoftx trading platform will continue to hire new staff as the crypto winter continues.
In a Twitter thread, FTX CEO Sam Bankman-Fried explained that the exchange will continue to “keep growing,” explaining that they will onboard new staff just as they have done on the market’s better days.
Bankman-fried noted that in February the company delayed hiring. However, he said that this was not due to a lack of funds. The move was made to ensure that team members had enough time to adequately coach new employees before adding new ones.
13) Many journalists contacted us and asked if we would reduce our emissions.
And our response remains the same:
We're going to keep pushing forward.
— SBF (@SBF_FTX) June 6, 2022
Criticizing hypergrowth companies, Bankman-Fried underscored that hiring more staff quickly doesn’t equate to a substantial increase in productivity. "Sometimes the more you hire, the less you get done," he said. He explained that this is because rapid growth can make it very difficult to keep all personnel "on one page."
Moreover, because FTX has taken its time and hired employees carefully since February, Bankman-Fried mentioned that the stock exchange can keep its hiring pace as it is "regardless of market conditions."
Related: FTX reportedly shopping for brokerages in preparation for stock trading
At the start of June, crypto exchange Gemini laid off 10% of its employees. According to a notice of the exchange, the move was due to the current "crypto winter." apart from Gemini, the currency base also decided to slow down hiring in May.
In 2018, the industry experienced greater lay-offs as the market declined. Crypto miner manufacturer bitmain and crypto exchange huobi confirmed that they fired employees in the bear market 2018. Apart from the two, blockchain company Consensys reportedly dropped around 60% of its staff before announcing the hiring of 600 employees in 2022.
