What bear market? Kraken and Binance are hiring

What bear market? Kraken and Binance are hiring

What bear market? Kraken and Binance are hiring

Recent market conditions and sentiment has been gloomy but that doesn’t seem to have phased global exchanges Kraken and Binance as both are hiring new staff.

Time to build

Over the course of the past ten days, we have seen announcements from companies like Coinbase, Crypto.com, Gemini and BlockFi carrying out large-scale layoffs and implementing hiring freezes.

In a blog post published on Wednesday, Kraken laid out its thoughts on the matter. In existence since 2011, the global exchange is very much a crypto OG. That OG status means it has seen many previous market downturns. The blog post considers what this bear market means and concludes: “It means that it’s once again time to build.” The company has over 500 roles to fill across all departments.

The previous crypto winter in 2018 was devastating for many in the sector. However, for those of us who had the opportunity to observe developments in the industry during that time, significant work was carried out on vital infrastructure to support the cryptocurrency ecosystem.

Exodus is also still hiring despite the current bearish trend in the market.

Source: kraken.com

Kraken has had the experience of navigating market downturns and going by his comments at Consensys 2022 last week, so too has Binance CEO, Changpeng Zhao (CZ).

CZ stated: “This is not the first time we’ve been through a crypto winter. This is my third and Binance’s second and Binance has always been very frugal on large spendings.”

Both entities recognize that bear markets represent an opportunity to build out products and services on the right footing. Taking to Twitter yesterday, the Binance CEO said that “businesses that start in bear markets are the strongest”. Binance is hiring to fill 2,000 open positions.

In a side swipe at rival exchange FTX, CZ posted this tweet:

Culture counts

FTX hasn’t held back on expenditure in this last upcycle. It ran costly ads during Superbowl LVI in February and shelled out $135million in naming rights for the Miami Heat’s FTX Arena. And despite this, it seems that it too is in a healthy enough position to continue to hire.

Last week FTX founder and CEO Sam Bankman-Fried outlined that the company will continue growing while others cut jobs. However, Bankman-Fried had indicated as far back as February that FTX would slow down the rate at which it onboarded new staff. He spoke to the need to maintain company culture: “It’s a race - between how quickly new employees understand the company’s culture, and how quickly people are hired. The faster you hire, the harder it is to keep everyone on the same page.”

Bankman-Fried’s comments will resonate with Kraken’s founder and CEO, Jesse Powell. In announcing its hiring campaign, the company also spelt out the need for a ‘crypto-first’ culture. Kraken has set out its mission as accelerating the adoption of crypto and enabling financial freedom and inclusion for all.

This content is for informational purposes only and is not investment advice. You should consult a qualified licensed advisor before engaging in any transaction.

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