Companies like Circle, Ripple, and the non-fungible tokens (NFTs) marketplace OpenSea have happier employees.
Employee happiness is a crucial aspect of any industry, and the cryptocurrency space is no exception. However, recent data derived from Glassdoor indicates that staff satisfaction at popular crypto exchanges such as Gemini, Binance, and Coinbase is relatively low.
The tech recruitment firm TrueUp collected data from Glassdoor to assess employee happiness and growth in 27 prominent crypto firms. The results were presented in a quadrant chart, which revealed that bankrupt crypto lender Celsius, digital assets trading platform Amber Group, and virtual asset service provider Gemini had the least happy employees based on reviews from 80, 139, and 42 individuals, respectively. Binance and Coinbase were also positioned on the left side of the chart, indicating lower employee satisfaction, with a total of 1,257 reviews.
It is important to note that Glassdoor does not provide a specific happiness metric. Instead, it evaluates employee sentiment through indicators such as the likelihood of recommending the company, approval of the CEO, and overall outlook. These metrics offer valuable insights into employee satisfaction within the crypto industry and serve as a basis for further analysis.
In the past year, Coinbase CEO Brian Armstrong responded strongly to employees expressing dissatisfaction, suggesting they should consider quitting. The response came after a group of staff filed a petition calling for the removal of certain executives, including chief operating officer Emilie Choi, chief product officer Surojit Chatterjee, and chief people officer LJ Brock, citing unrealistic demands from the executives as the reason for their request.
‘We, the employees at Coinbase, believe that the executive team has recently been making decisions that are not in the best interests of the company, its employees, and its shareholders,” the petition read.
Circle, Ripple, and OpenSea: Higher Staff Satisfaction
However, not all companies in the digital asset sector face employee dissatisfaction. According to the TrueUp data, companies like Circle, Ripple, and the non-fungible tokens (NFTs) marketplace OpenSea have happier employees. Other virtual asset service providers, such as Chainalysis, Fireblocks, Ava Labs, and Immutable, also rank in the same category.
When it comes to growth, companies like Binance, Coinbase, Blockchain.com, Bitpanda, and Gemini have experienced significant expansion over the years. These crypto service providers have established themselves as key players in the emerging economy, attracting users and investors from around the world. The TrueUp data also identified Animoca Brands, MoonPay, and Bitmain as crypto firms that have experienced rapid growth.
Binance Responds to the Data Claim
In response to the data, Binance emphasized its commitment to hiring individuals who excel in high-performance environments and are dedicated to delivering for users. The company’s spokesperson told Cointelegraph that not all employees may align with their “hardcore” values, which could contribute to negative reviews stating that Binance sees feedback as an opportunity for growth and continuously strives to enhance the employee experience.
“It also means that sometimes, we have some who are not able to thrive in this unique, brutally fast environment, and we have to accept some negative reviews as a result,” the Binance spokesperson explained.