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Kraken To Fill 500+ Open Positions Amidst Market Downturn

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Amidst mass layoffs in the wake of the market crash, Kraken has laid out its hiring plans. As per the latest announcement, the San Francisco-based crypto exchange has more than 500 open positions that it intends to fill up, this year.

Sharing the news, Kraken wrote that “Bear markets are the best for recruiting talent that is both aligned with our culture and our mission.”

On the other hand, several major crypto trading platforms are making large-scale layoffs and freezing hiring,

A few days back, Crypto lending firm BlockFi has announced cutting 20% of its workforce citing a “Dramatic Shift In Macroeconomic Conditions”

Two weeks ago, New York-based crypto exchange Gemini, said in early June it would be laying off 10% of its workforce. Crypto.com CEO Kris Marszalek too followed the same route by announcing a staff reduction of 260 people.

This week, Coinbase, the second-largest crypto exchange in the world, announced to slash 18% of its workforce.

While the current drawdown can be attributed to a host of factors, including the ongoing Russia-Ukraine war, and rising inflation figures, the digital asset industry are among the worst affected.

Crypto entities across the board have been forced to cut costs, as investors are increasingly opting out of the riskiest assets, pulling down trading volumes.

The huge wave of layoffs amid massive crypto sell-offs has dented the value of popular tokens like Bitcoin, Ethereum, and Solana. Trading volumes are at an all-time low which means lesser revenues for all the exchanges.

The buck doesn’t stop here.

Kraken And Binance To Drive Global Hiring

There is also a bit of concern with regards to the safety and risk of crypto-based financial products as Celsius Network, a major crypto lender that lets users make deposits to earn interest and take out loans in crypto, has recently paused withdrawals.

Despite the current market turmoil, a handful of crypto firms like Kraken and Binance have reassured their staff and the public that they are sticking to their recruiting plans. The news is a beacon of hope for crypto enthusiasts and goes to show all is not gloom and doom.

India’s first crypto-unicorn ramps up hiring program after crossing 10M users

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India’s foremost crypto-unicorn CoinDCX has accelerated its pace of hiring to meet the growing demand of its rapidly expanding user base. Last month, the platform achieved a new milestone when the number of users crossed more than 10 million [1 crore] from 140k at the end of 2020.

Mudita Chauhan, head, of human resources at CoinDCX, said that there has been a significant increase in the number of people being onboarded within a year. “As the business scales up, we shall see a significant rise in headcount. Next year we should be more than double where we are today and the trend should continue over a period of time,” said Chauhan.

“The huge visibility around crypto trading is pulling a lot of young people into the industry. But the underlying potential of blockchain technology and its use case not just for cryptocurrency trading and in the financial industry, but across other industries is also contributing to the heightened interest in the sector.”

As a matter of fact, hiring particularly in crypto exchanges has been focused on areas such as developers, trade operations, customer service, risk, compliance, and engineering.

Crypto firms on a massive hiring spree

Despite the current market upheaval, cryptocurrency exchange sees “enormous product opportunities ahead for the future of Web 3.” U.S. biggest cryptocurrency exchange by trading volume, Coinbase is looking to take in up to 2,000 people this year as it seeks to take advantage of opportunities in the development of Web 3 and other areas, Chief People Officer L.J. Brock said in a blog post on Feb.15.

The platform, as per the announcement post, is working to expand its product, engineering, and design teams

Just a month ago, leading crypto exchange Kraken’s chief legal officer Marco Santori via Twitter set an ambitious goal of doubling the size of his team- to hire 30 lawyers in three months. Santori said he already ‘raided Wall Street’ for regulatory talent and now wants to onboard lawyers.

The competition is not only fierce but historically fierce. I don’t think the lawyer market has ever been this tight, period, full stop,” he said.