November 29, 2022

Coinbase, BlockFi and Crypto.com are among the crypto-related companies announcing layoffs this week.

Source: news.coincu.com
Source: news.coincu.com

Cryptocurrency exchanges Binance and Kraken, along with layer 2 sidechain Polygon, are among three companies looking to add staff amid crashing crypto markets.

A Binance spokesperson told CoinDesk that it has over 2,000 open positions, with its job board showing roles across Europe, Asia, South America, Africa and the Middle East. “We will continue to grow our team as planned and see this moment in time as an opportunity to gain access to some of the industry’s best talent,” CEO Changpeng Zhao said in a comment shared with CoinDesk.

He continued: “Our business strategy was to position Binance for sustained growth over the next decade through multiple market downturns or even a prolonged multi-year declining market. We believe that cooler markets offer the best opportunity for organizations to invest in or acquire great projects at a more favorable price point. We are going to have a very active pipeline in the months ahead.”

Zhao also posted a cheeky tweet, suggesting his company is in a strong position today because it passed on recently spending large sums for sugar-high engagement.

Rival exchange Kraken also disclosed its intention to increase headcount with an announcement that it will hire over 500 staff. Meanwhile, a Polygon source tells CoinDesk it has “hired at least 50 senior folks all across.” The company also publicly announced a notable hire today, recruiting former Meta and Microsoft marketer Jennifer Kattula as its senior vice president of marketing.

On Monday, Crypto.com announced job cuts amounting to nearly 5% of its workforce, and BlockFi said it plans to lay off about 20% of its staff. Then on Tuesday, far larger Coinbase really shook things up, announcing reductions of 1,100 employees, or 18% of its global headcount.