Will the 2022 layoffs be reversed? Crypto exchanges are increasing staff members
Crypto.com CEO Chris Marszalek said the exchange is adding people to its staff, which could increase the number of employees by 1,400.
According to an April 16 Bloomberg report, Crypto.com, Binance, Coinbase, Gemini, and Kraken are hiring team members for cryptocurrencies such as Bitcoin (BTC) before the blockchain halving. Many major crypto and tech companies have announced significant layoffs in 2022 and early 2023 amid the market crash, resulting in firms including FTX, Celsius, Blockchain, and others filing for bankruptcy.
According to Marszalek, Crypto.com plans to hire 700 employees starting in November 2023, with another 700 on board for customer service and corporate positions. The CEO said the increase in staff is aimed at supporting “slow, thoughtful and strategic” plans to increase the number of registered users.
According to Layoffs.fyi's data of 255 companies in the technology industry, there were 7,322 layoffs in March 2024 – a decrease of more than 80% compared to 37,963 job cuts in March 2023.
Related: Coinbase to cut another 20% of workforce in second wave of layoffs
At the time of publication, Coinbase listed 215 open positions on its website. Kraken listed 81, Gemini 80, and Binance 347. By 2023, many crypto firms have reduced their regulatory numbers by 20%.
Some of these changes seem to be on track to reverse in 2024, with high BTC prices and spot bitcoin exchange-traded funds. However, many companies in the United States are still facing civil lawsuits brought by the US Securities and Exchange Commission. Commission and other regulatory concerns at the state and federal levels.
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