Crypto Space: The Hiring-Firing Game
- Many cryptocurrency companies have fired many employees from their teams. While this was happening, many companies made a lot of profit and grew significantly by hiring many people.
- Things got pretty serious when one of the biggest names in the crypto industry, called BlockFi, the lending company for cryptocurrency, said that the company would reduce around 20% of employees on 13 June.
- At the time of publication, the price of Bitcoin (BTC) is below $ 20,000, having fallen more than 37% in the last 30 days, according to the data.
The struggling cryptoeconomy
We all know that we are in the middle of a bear market, which affects countless people around the world. This volatility in the market has affected market sentiment so much that it has disappointed investors to a certain extent.
Many cryptocurrency companies have fired many employees from their teams. While this was happening, many companies made a lot of profit and grew significantly by hiring many people.
A large cryptocurrency exchange called Gemini was one of the first companies to take steps in this direction. According to sources, the company decided to cut 10% of its employees in the bear market.
This was in June this year.
Asked about this situation, the company said that conditions “are likely to persist for some time.”
This was followed by the well-known cryptocurrency companies Coinbase and Crypto (.com), which recently announced their plans to reduce the workforce and staff by as much as 18% and 5%, respectively.
Asked about these rumors, Coinbase CEO Brian Armstrong stated that the so-called crypto winter has grown too fast.
Market conditions have largely not changed after many decisions on downsizing, and other companies have been forced to make cuts.
Things got pretty serious when one of the biggest names in the crypto industry, called BlockFi, the lending company for cryptocurrency, said that the company would reduce around 20% of employees on 13 June.
According to sources, the company is also concluding an agreement to buy the platform’s assets worth 25 million USD.
When asked about this, the CEO of Blockfi, Zac Prince, denied all these reported sales and the agreement.
As if this were not enough, the Austrian Crypto company Bitpanda, a stock trading platform, announced on June 24 that they were planning a mass redundancy.
It is said that the bear market makes it very difficult to handle so many employees. They want to “get out of the financially healthy” in this bear market.
After this layoff, the size of the company will be 730.
READ ALSO – Number of Shiba Inu owners rises despite market downturn; is this a bullish signal?
Some changes appear in the market
Even after this, many cryptocurrency companies grow as fast as a company during their bull run, while being prepared for losses.
Some of these companies are:
- Binance
- Ripple
- Kraken
- Everstake
At the time of publication, the price of Bitcoin (BTC) is below $ 20,000, having fallen more than 37% in the last 30 days, according to the data.
Sources reported that the US Financial Industry Regulatory Authority was open to hiring firefighters from crypto firms to “dent up” their capabilities.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and move away from traditional money exchange systems. She is also fascinated by blockchain technology and its function.
