Worried About Recent Layoffs? Bit.com is Looking For Talent and Plans to Double its Workforce

What is Happening?

The world is facing an unprecedented crisis one after another. After a long pandemic, the world is facing a financial slowdown with rising inflation and the cryptocurrency industry is not immune to these economic developments. Bitcoin has crashed more than 70% from its all-time high. Amidst all the above crises, several companies are laying off their employees.

Few companies have done better risk management in advance and see this as an opportunity to expand and hire the best talent available in the market to expand their business. Bit.com, the second-largest crypto options exchange is aiming to double its workforce amidst layoffs to expand its operations and provide a full suite of trading services and technological support to cryptocurrencies investors and traders.

What is Bit.com Exchange?

Bit.com is a full suite cryptocurrency exchange. In terms of trading volume, Bit.com is in the Top 3 in crypto options markets. It is designed around a state-of-the-art 10,000 TPS matching engine with round trip latency of fewer than 50 milliseconds. Cactus Custody delivers institutional-level security for Bit.com (A Qualified Custodian). During extraordinary market situations, the exchange also employs an incremental liquidation method to give further user safety.

This robust system was built by a world-class team of derivatives, risk management, and technical professionals. The Bit.com Insurance Fund has over 200 BTC (one of the highest among new exchanges) at inception to limit public losses, safeguarding your investment more effectively.

Understanding Crypto-Winter and How it is an Opportunity to Build a Weatherproof Enterprise and Career

Crypto Winter is used to denoting recession in the industry. The global economic situation post-COVID economic losses and record inflation worldwide have led to mass layoffs in the industry.

According to sources, Huobi co-founder Leon Li is considering selling a significant portion of the company and may lay off as many as 30% of its employees due to a significant drop in revenue. Further, there is news that ailing crypto lender Celsius is laying off a quarter of its employees. Coinbase, the first crypto company to enter the Fortune 500, announced that it was laying off 18% of its workforce—that means shedding about 1,100 full-time roles!

These layoffs also bring an opportunity to hire some of the best minds in the industry. Those enterprises which have done better risk management and have used secure and best technology are going strength to strength and looking at this recession to build a strong future.

Why is Bit.com hiring?

Bit.com is hiring because market downturns are a huge opportunity to scoop amazing talent for a better deal. It is a dream come true for many digital asset companies because many qualified and experienced personnel are joining the talent pool and are ready to be hired.

Several exchanges, for instance, are trying to recruit Coinbase professionals. The brand provides them with a substantial edge and the startups are seizing this opportunity to its fullest extent by recruiting the industry’s top talent. Due to the current market crisis, there will undoubtedly be a surplus of highly trained people recruited at affordable salaries in this workforce environment.

Among the potential advantages of this hiring is the chance to choose candidates from a vast, diversified skill pool who bring a lot of experience and knowledge to the startup. Additionally, startups get experienced personnel from leading rivals who would be tough to acquire otherwise. Lastly, workers were permitted to join without advance notification or waiting, which provides an immediate boost to the execution and development of technology as the onboarding process is cut short.

Final Thoughts on Crypto recession and hiring

Many blockchain and crypto enterprises have gone out of business as a result of the global economic crisis. Many startups now have a chance to employ large numbers due to layoffs and leverage the cost reduction at numerous major crypto enterprises. Hopefully, this hiring will lead to the recruitment of the best and brightest, which will help the crypto industry to move forward.

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Image credits: Eric Prouzet, Art Rachen and Austin Distel.