FTX will not freeze hiring amid layoffs at other crypto firms, CEO states

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Amid unfavorable market conditions, some cryptocurrency-related firms have decided to cut their workforce or freeze hiring. However, crypto exchange platform FTX will continue to hire new personnel as the crypto winter continues.

in a twitter threadFTX CEO Sam Bankman-Fried explained that the exchange will “continue to grow”, explaining that they will be adding new employees just as they have done during the better days of the market.

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Banksman-Fried said the company slowed hiring in February. However, he said it was not due to paucity of funds. This step was taken to ensure that team members have enough time to properly mentor new employees before adding more.

Criticizing hypergrowth companies, Bankman-Fried underlined that hiring more employees quickly does not equate to a substantial increase in productivity. “Sometimes, the more you get hired, the less you work,” he said. He explained that this is because rapid growth can make it very difficult to keep all employees “on the same page.”

Furthermore, because FTX has taken its time and carefully hired employees since February, Bankman-Fried noted that the exchange can maintain its hiring momentum as it does “regardless of market conditions.”

related: FTX reportedly buys brokerage in preparation for stock trading

In early June, crypto exchange Gemini laid off 10% of its workforce. According to a notice from the exchange, the move was due to the current “crypto winter”. In addition to Gemini, Coinbase also decided to slow down hiring in May.

Back in 2018, the industry witnessed major layoffs with the market crashing. Crypto miner maker Bitmain and crypto exchange Huobi confirmed that they have fired employees amid the 2018 bear market. In addition to these two, blockchain company Consensys laid off about 60% of its workforce before announcing it would hire 600 employees in 2022.