According to FTX CEO Sam Bankman-Fried, the cryptocurrency exchange will “zag” while other firms “zig.” In short, he does not see the crypto platform freezing its hiring process or laying off employees, as has occurred in the industry in recent months.
This is “independent of market circumstances,” he said in a Twitter thread, with most crypto businesses suffering losses in line with the bear market.
Bankman-Fried believes that FTX can continue to develop since it has been judicious with its recruiting and has grown its income and productivity – not its spending—over the previous several years.
“A number of reporters have contacted us to see whether we’re going to scale down. And our response is the same as it has always been: we will keep pushing ahead,” the FTX CEO wrote.
Instead of reducing employees, he argues, the platform intends to hire more. This will, however, be done at a more sustainable pace. Bankman-Fried and his team will also attempt to keep the same high standards that were maintained throughout earlier hirings.
Again, FTX never stopped employing. It simply halted after reaching 250 people to allow growth the time to completely integrate new employees into the company’s culture.
Several cryptocurrency companies, including Gemini and Coinbase, have announced job layoffs in the midst of the crypto winter. During previous bear markets, most notably in 2018, some corporations laid off staff, many of whom had been hired during the bull market.
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