Axios Pro Exclusive Content

Some crypto companies are still hiring

Jun 16, 2022

Illustration: Brendan Lynch/Axios

As fintech and crypto companies like Coinbase and BlockFi shed employees, companies like FTX, Binance and Kraken are asserting that they are still healthy and looking to hire.

Why it matters: The announcements suggest that some companies in the crypto ecosystem are weathering the storm better than their peers — and some of that is due to how they avoided overspending and over-hiring in the boom times.

Driving the news: Through a series of tweets and news stories, major crypto companies said they would continue to bring in new talent, despite an across-the-board fall in token prices and macroeconomic uncertainty.

  • Binance's CEO Changpeng Zhao tweeted the company had 2,000 open positions it was hiring for.
  • FTX CEO Sam Bankman-Fried echoed that his company plans to continue hiring, though at a more reserved pace.
  • Kraken, too, said it would hire 500 more employees.

Yes, but: Any potential Kraken hires will have to live by the company's controversial tenets of "radical transparency."

Context: These "help wanted" calls were made against the backdrop of layoffs being announced across the broader crypto ecosystem.

  • Public crypto exchange Coinbase said on Tuesday it would cut about 1,100 jobs, or 18% of its workforce.
  • Private companies like BlockFi and have also slashed hundreds of jobs in the last few days.

What they're saying: The heads of Binance and FTX took to Twitter to point out that their ability to hire now is a result of tradeoffs they made to be in a better financial position than some of their peers.

  • "It was not easy saying no to Super Bowl ads, stadium naming rights, large sponsor deals a few months ago, but we did. Today, we are hiring for 2000 open positions for #Binance," Zhao tweeted Wednesday.
  • "Because we hired carefully, we can keep growing regardless of market conditions... Because we exponentially scaled our revenue and productivity, not our expenses," Bankman-Fried wrote.

Go deeper