Crypto exchange KuCoin preparing to increase staff by 30 percent

Due to the decline in the crypto market for the past few months, many firms in this segment have started efforts to reduce costs. These include reducing the number of staff. Crypto exchange KuCoin has decided to increase its workforce. KuCoin has over 1,000 employees. It plans to hire more than 300 people.

Recently there was speculation about layoffs from KuCoin. The exchange’s CEO Johnny Lyu called this wrong, saying that KuCoin has not reduced staff and has no plans to do so. “We believe that our bet on growth in a volatile market is the only right decision that will help us move forward,” CoinDesk was quoted as saying by an interview with Lyu. The decline in the crypto market did not have a major impact on KuCoin as the firm did not invest in Terra-linked tokens.

The exchange recently received funding of around $150 million. With this, the value of KuCoin has increased to about $ 10 billion. The exchange has decided to do hiring in the Technology, Compliance and Marketing divisions. Coinbase, one of the major crypto exchanges, recently decided to reduce its workforce by 18 percent. The firm, which has its headquarters in the US, said that it has taken this step to cut costs in this difficult period of the industry. The decision is expected to result in layoffs of over 1,000 employees of the exchange. Brian Armstrong, the exchange’s chief executive officer, said in a blog post, “The difficult decision has been taken to reduce our team size by approximately 18 percent. This will ensure the firm’s position during economic slowdowns.”

Earlier crypto trading and lending platform BlockFi had announced layoffs of around 200 employees and crypto exchange about 260 employees. Both these firms have given similar reasons for reducing the workforce. The market capitalization of crypto has come down to below $1 trillion. The price of Bitcoin, the largest cryptocurrency by market capitalization, has fallen from a high of around $69,000 in November last year to around $20,400.

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