FTX to Continue Hiring New Employees During the Crypto Bear Market

FTX to Continue Hiring New Employees During the Crypto Bear Market

FTX will keep growing due to the fact that it significantly scaled its revenue and productivity rather than its expenses.

The Bahama-based cryptocurrency exchange FTX will reportedly continue searching for new employees and “keep growing regardless of market conditions.”

On June 7, Sam Bankman-Fried, Chief Executive Officer of FTX, announced the news on his Twitter account. He explained that the crypto exchange platform won’t fire any of its employees and will eventually seek to find new talents after the ongoing crypto bear market is over.

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In addition, FTX has mentioned that the company is also not rushing to hire a significant number of employees at once in order to take the time to properly prepare the new arrivals.

Moreover, Bankman-Fried expressed his opinion about other companies that are laying off a large number of their workforce. FTX CEO implied that quantity is not always better than quality, stating that “the more you hire, the less you get done” as it’s very hard to keep everyone “on the same page.”

FTX is a crypto exchange where crypto players can purchase, sell, and store Bitcoin (BTC), Ethereum (ETH), and other cryptocurrencies and digital assets, including non-fungible tokens (NFTs).

Earlier in June, a cryptocurrency exchange Gemini fired 10% of its employees amid the ongoing crypto bear market. On top of that, in April, a crypto broker dubbed Robinhood laid around 9% of its workload during the time when Robinhood's HOOD stock hit all-time lows.

In other news, on June 2, FTX launched a licensed Japanese-based crypto-asset exchange services provider FTX Japan to introduce more services and products to the market, including spot crypto trading and perpetual for a number of cryptocurrencies.

Gyth L. - Crypto Analyst

by Gyth L. - Crypto Analyst, BitDegree


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