Reversing layoffs of 2022? Crypto exchanges are adding staff members

Turner Wright4 hours agoReversing layoffs of 2022? Crypto exchanges are adding staff membersKris Marszalek reportedly said Crypto.com planned to “slowly, thoughtfully, and strategically” add new staff members as part of plans to increase the exchange’s registered users.790 Total views1 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksCrypto.com CEO Kris Marszalek reportedly said the exchange has been adding people to its staff in a move that could increase the number of employees by roughly 1,400.

According to an April 16 Bloomberg report, Crypto.com, Binance, Coinbase, Gemini, and Kraken have been hiring team members as cryptocurrencies like Bitcoin (BTC) rally ahead of the blockchain’s halving. Many major crypto and technology companies announced significant layoffs in 2022 and early 2023 amid a market downturn, resulting in firms including FTX, Celsius, BlockFi, and others filing for bankruptcy.

Marszalek reportedly said Crypto.com had already hired 700 staff members since November 2023 and planned to onboard another 700 for customer service and corporate positions. The CEO said the addition of the staff was aimed at “slowly, thoughtfully, and strategically” supporting plans to increase its number of registered users.

According to data from Layoffs.fyi surveying ​​255 companies in the tech industry, there were 7,322 layoffs in March 2024 — a more than 80% decrease compared with 37,963 layoffs in March 2023.Source: layoffs.fyi

Related:Coinbase to cut another 20% of its workforce in second wave of layoffs

At the time of publication, Coinbase listed 215 open positions on its website. Kraken listed 81, Gemini listed 80, and Binance listed 347. Many crypto firms reduced their headcounts by up to 20% in 2023 amid regulatory scrutiny and falling token prices. 

Some of these changes seem to be on their way to reversing amid an all-time high BTC price and approval of spot Bitcoin exchange-traded funds in 2024. However, many firms in the U.S. still face civil lawsuits brought by the U.S. Securities and Exchange Commission and other regulatory concerns at the state and federal levels.

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