is Rehiring Staff After Two Bear Market Layoffs

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Bitcoin exchange and infrastructure provider is bucking the bear market with a commitment to hire more staff in 2024. Moreover, the company is looking to expand into Europe and emerging markets. 

On December 13, Bloomberg reported that, an early adopter of crypto technology, plans to expand its workforce by 25% in the first quarter of 2024.

The firm, which currently employs around 300 people, is also looking to tap emerging markets in Nigeria and Turkey, it noted. slashed around a quarter of its workforce in mid-2022 as the crypto winter deepened. Moreover, it fired 28% of its employees in a second round of terminations in January 2023. 

Crypto job cuts 2022. Source: / Financial Mirror

To facilitate its European expansion going forward, the company has hired the former head of global operations at Kraken. Curtis Ting will be tasked with setting up the firm’s new Paris hub and creating local entities across Europe. CEO Peter Smith said that the firm is seeking more local licenses. Currently, its European operations are managed through a single entity based in London.

Commenting on the brutal bear market that followed several high-profile crypto collapses in 2022, Smith said: 

“We’ve seen a lot of shakeout in the market, whether it’s companies retreating from certain local markets or being distracted from regulatory [pressure], or companies going under.”

He added that it has been “an incredible opportunity to take market share.” He also estimated 60-70% less competition right now than there was at the end of 2021.

Read more: How To Open a Bitcoin Account in 3 Easy Steps

In March, the firm decided to shutter its asset management division, Asset Management (BCAM). 

However, in mid-November, the crypto exchange and wallet provider closed a $110 million funding round led by UK-based Kingsway Capital.

On December 14, the firm announced that it was onboarding TRON and Changelly as its first collaborators to integrate the Pay solution. Pay is a mobile payments application tapping into the firm’s liquidity and infrastructure. 

The Nigerian Move

Furthermore, the company said it was on a mission to revolutionize decentralized trading in Nigeria in late November.

The firm integrated cross-chain swaps into its decentralized exchange (DEX) aggregator. This allows users to trade assets between different Ethereum-based blockchains with fast settlement times. 

It touted specific benefits for the Nigerian crypto trading community, including enhanced liquidity, reduced slippage, and a wider variety of crypto assets. stated it was committed to empowering Nigerian users with cutting-edge crypto trading tools through integrations like this.


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