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- FTX CEO Sam Bankman Fried stated that he is not planning on cutting the staff from his organization, in fact. He’ll hire more amid the crypto downturn.
- SBF is concentrating on the extension of its workforce in a steady and more viable way, sealing the chances of the organization to properly train the freshers.
- Prominent exchanges in the space have made an announcement regarding hiring freezes, stated L.J. Brock CPO of coinbase.
Sam Bankman Fried Isn’t Freezing Hiring
Amid the crypto bloodbath, some organizations in the digital assets decided not to hire anyone, and even a few of them are cutting off the persisting employees.
However, FTX, the cryptocurrency exchange platform will keep hiring the personnel amid the crypto winter.
Sam bankman Fried elaborated in a Twitter thread that they are going to hire more individuals for the organization unafraid of the market havoc. He said that they will keep hiring similar to the normal market days.
Sam Bankman Fried pointed out that during the month of February, the organization slowed down the process of hiring. However, this was not because of scarce funds. The step was taken to offer sufficient time to properly mentor the fresh employees before the addition of extra employees.
ALSO READ – Sam Bankman Fried Had A Feeling There’s Something Wrong With Terra (LUNA)
A Move To Increase Productivity
Criticizing the hypergrowth organizations, Sam Bankman-Fried highlighted that extra personnel does not equate to a substantial escalation in productivity.
He stated that they or organizations hire the less they get done. He elaborated that this is because the constant growth can render it tough to keep the whole personnel on the same page.
Gemini, a cryptocurrency exchange, lay off 10% of its staff at the beginning of June. The decision was made owing to the current “crypto winter,” according to a message from the exchange. Coinbase, in addition to Gemini, opted to slow down recruiting in May.
As the market fell in 2018, there were more layoffs in the business. During the 2018 bad market, Bitmain, a cryptocurrency miner company, and Huobi, a cryptocurrency exchange, both stated that they sacked employees.
Apart from the couple of organizations, blockchain firm Consensys is said to have let off about 60% of its workforce before announcing the employment of 600 new personnel in 2022.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
