In the cryptocurrency news, some businesses are deciding to expand while the market contracts.
One may anticipate that businesses in the sector are now in a frantic frenzy given the direction the crypto market has been heading in recent months. In fact, the market is at its most fragile point in years and the global market value of cryptocurrencies is considerably below $1 trillion. However, some businesses seem to be trying to outlive the bear market by going on the offensive, according to some surprise cryptocurrency news. They are accomplishing this through growing the work force.
The cryptocurrency industry is now experiencing a market meltdown that is driving money out of the industry in large quantities. Only a small percentage of investors are buying the downturn against all odds, while many more are taking their money and fleeing. However, this is putting a lot of strain on the businesses themselves. DeFi platforms’ liquidities are rapidly running out, forcing some to completely halt withdrawals in an attempt to calm things down.
However, the workforces of crypto enterprises are in a worse situation than their finance accounts. Some businesses are unable to pay their workers as a result of enterprises losing millions or billions of dollars in a matter of seconds. This is causing a wave of widespread layoffs to sweep the market. Companies like Coinbase (NASDAQ:COIN) are reneging on employment offers in an effort to continue paying current employees, while others, like Gemini, are reducing their workforces by 10%.
In all honesty, the market is a complete disaster. However, many business executives claim that things aren’t as terrible as they may appear since they are less impacted by these causes. They are investing more money and growing to demonstrate this rather than scrimping and contracting.
Which Businesses Are Hiring During a Bear Market?
One of the few cryptocurrency platforms, KuCoin (KCS-USD), is not only surviving the bear market but but growing in it. One of the major cryptocurrency news stories of the week is the exchange. It is retaliating against rumors that it would be firing a large number of its staff.
Through CEO Johnny Lyu, the business now refutes these claims. According to Lyu, the corporation has no intentions to eliminate any positions in the near future. On the contrary, he asserts that over the next several months, KuCoin would hire 300 more people. According to Lyu, “We think that our bet on growth in times of market turmoil is the only right choice that allows us maintain a high standard.”
The idea that a strong offensive is the best defense is one that is shared by KuCoin. When Binance (BNB-USD) announced intentions to recruit up to 2,000 new staff last month, in the midst of the greatest market crash, investors were left perplexed. Another significant exchange, Kraken, is continuing its recruiting drive with intentions to fill 500 new positions.
In the midst of the bear market, other businesses on the hiring spree include Ripple (XRP-USD), Circle, Polygon (MATIC-USD), Everstake, and OpenSea.
Two more companies, FTX and Nexo (NEXO-USD), are both recruiting and even going above and above. Nexo intends to make a number of acquisitions in order to profit from the troubles of competing platforms. The purchase of DeFi platform Vauld is now under discussion. FTX is investing up to $240 million to acquire rival BlockFi, and CEO Sam Bankman-Fried claims to have an additional “few billion” to help other failing businesses.