Cryptocurrency giants take advantage of the rise in bitcoin to recruit

After mass layoffs in 2022 and 2023, crypto exchanges are once again looking to strengthen themselves.

The bull market (‘bear market‘) is definitely on the move. The proof: the large cryptocurrency platforms are starting to recruit again. The ecosystem indeed seems to have emerged from this long period of skimming after the great crypto winter of 2022, from the collapse of the Terra Luna ecosystem to the bankruptcy of FTX. After these scandals, the crypto industry has not stopped cutting jobs: even in 2023, the industry has shed 20% of its workforce.

There, things are better, reports the specialized media Cointelegraph. The giant Crypto.com, which has suffered greatly in recent months, has announced that it wants to recruit 1,400 people. Likewise, the Coinbase and Binance exchanges are seeking to respectively recruit 215 and 350 additional employees. The Kraken and Gemini exchanges also seem to need reinforcement.

80% fewer layoffs in one year

In March, 7,322 jobs were lost in the crypto industry, which is 80% less than in March 2023 when there were 37,963 layoffs. The crypto industry therefore needs hands. For the moment, it’s more of an adjustment but we seem to have turned a page with the very marked recovery in prices, notably the rise in bitcoin since the start of the year.

As a reminder, the queen of cryptocurrencies has gained more than 60% since January, driven by investor interest in new financial products, bitcoin spot ETFs. This largely benefits the crypto sector, giving the big players the opportunity to rebuild their skills for a recovery that promises to be a little more sustainable.