KuCoin Is Hiring Amidst The Massive Layoff In The Crypto Space

Twitter icon  •  Published há 1 ano  •  Hassan Maishera

Some of the leading cryptocurrency firms have downsized their staff to cope with the current bear market, but KuCoin is hiring over 300 staff.

KuCoin, one of the leading cryptocurrency exchanges in the world, is doing what only a few crypto companies are doing - hiring more workers.

The cryptocurrency market has been in a bearish trend for the past seven months, with the total market cap down by more than 65% during that period. With the bear market in play, numerous cryptocurrency companies have been struggling.

Some companies like Coinbase had to lay off some of their workforces to cope with the current bear market, while others like Voyager Digital have filed for bankruptcy.

However, KuCoin is making massive progress in the bear market. 

KuCoin’s CEO Johnny Lyu told CoinDesk via Telegram that the cryptocurrency exchange is set to go on a hiring spree. Lyu said;

“KuCoin has not reduced staff and does not plan to do so. We are one of the few crypto platforms that continue to grow by relying on an effective business strategy, focusing on releasing new products and maintaining a healthy atmosphere in our team.”

The CEO added that the crypto exchange was doing everything possible to increase the productivity and motivation of employees while focusing on expanding in areas such as innovation and compliance.

KuCoin recently hit a thousand employees, and Lyu revealed that the company would hire 300 more. The crypto exchange will strengthen in areas such as technology, compliance and marketing teams. He said;

“We believe that our bet on growth in times of market turbulence is the only correct decision that helps us maintain a high bar. Any conversations asserting the opposite should be considered untenable."

Lyu assured investors and users that KuCoin believes talent is the key to remaining competitive in the crypto space. KuCoin will continue to expand and build despite the market downtrend.

The bear market has prompted numerous cryptocurrency companies and exchanges to lay off staff. Coinbase, one of the leading exchanges in the United States, laid off 1,100 workers last month.

Banxa, another crypto exchange, laid off 70 employees, while Huobi has revealed plans to lay off roughly 30% of its workforce. 

In May 2022, KuCoin raised $150 million to reach a $10 billion valuation, making it one of the largest cryptocurrency exchanges in the world. The milestone didn’t slow down KuCoin’s impressive growth as it also achieved a cumulative trading volume for spot and futures above the $2 trillion milestones.

This milestone represents a 180% growth Year-on-Year at a time when some of its rivals are witnessing a massive drop in trading volume. 

The KuCoin reviews are mostly positive as it has proven to be one of the most reliable cryptocurrency exchanges in the world. In terms of daily trading volume, KuCoin is the fourth-largest crypto exchange. KuCoin records over $800 million in daily trading volume.

The favorable KuCoin fees make the exchange one of the most widely used in the world. KuCoin is home to millions of users globally and houses thousands of cryptocurrencies and other digital assets. 

The KuCoin VS Binance debate will continue as they are two of the largest cryptocurrency exchanges in the world. 

Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.