Despite Crypto Market Slowdown, Bitfinex and Tether Looking to Hire More Staff

| Updated
by Bhushan Akolkar · 2 min read
Despite Crypto Market Slowdown, Bitfinex and Tether Looking to Hire More Staff
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Bitfinex and Tether said that as they continue to grow and make profits along the way, they could continue more hiring more talent.

The massive meltdown in the crypto space has been severely hurting industries operating in this sector. Furthermore, amid the current global macro backdrop, some of the crypto firms have been cutting jobs.

However, Bitfinex and its sister concern Tether, have decided to swim against the tide! The two companies have no plans to reduce staff but rather looking to hire more in this market downturn.

Speaking to The Block, Claudia Lagorio, chief operating officer at Bitfinex said that the crypto exchange is still profitable and doesn’t see any need to cut staff. Besides, they will continue to hire talent as required. Lagorio said that Bitfinex has “never hired aggressively and then reduced staff during a crypto winter”. She further added:

“Bitfinex is continuing to invest in acquiring talent and resources, in a measured and methodical manner. We have a range of career opportunities that we are looking to fill and our hiring plans remain intact”.

Some of the most popular crypto trading platforms have decided to cut jobs recently. As per the report, more than 1,500 people have lost jobs over the last two months in the crypto space. Earlier this month, Coinbase said that it plans to lay off 18% of its entire workforce I.e. 1,100 people owing to a recession-like situation in the US.

In an email to employees, Coinbase CEO Brian Armstrong wrote: “We appear to be entering a recession after a 10+ year economic boom. A recession could lead to another crypto winter. While it’s hard to predict the economy or the markets, we always plan for the worst so we can operate the business through any environment.”

USDT Stablecoin Issuer Tether Plans to Hire More

Apart from Bitfinex, its sister firm Tether also plans to continue hiring. Speaking to The Block, a Tether spokesperson said:

“It remains business as usual at Tether. Tether is profitable and will continue to hire for key roles to support our business. We care about our people and their futures – we’ve never reduced our staff numbers even during past crypto winters and will not be doing so at any time.”

Apart from Bitfinex and Tether, there are a few crypto firms willing to recruit more people. Crypto exchange Binance is currently looking to hire more than 2,000 people.

Similarly, crypto exchange FTX is also planning to hire 500 more people as said by founder Sam Bankman-Fried.

Business News, Market News, News
Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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