Amidst the ongoing global crypto crunch, companies across the segment are looking at layoffs and salary cuts lately. This is in order to cut losses and sustain the bearish market conditions. Due to this, rumors started floating that KuCoin is looking at a massive layoff of its staff. However, the crypto exchange has rebutted back with this rumor.
During an interaction between KuCoin and CoinDesk, CEO Johnny Lyu said that his firm is intending to hire more than 300 employees in the coming months.
“KuCoin has not reduced staff and does not plan to do so. We are one of the few crypto platforms that continue to grow by relying on an effective business strategy, focusing on releasing new products, and maintaining a healthy atmosphere in our team.”
Following that, the CEO said that this firm is doing everything it could to “increase the productivity and motivation of employees”.
According to Lyu, the crypto exchange has over 1,000 employees as of now. Also, in the coming months, the firm will hire 300 more employees. The crypto exchange is hiring for positions in its technology, compliance, and marketing teams.
Lyu added that in testing times like these, one can develop confidence and set a high bar in the industry:
“We believe that our bet on growth in times of market turbulence is the only correct decision that helps us maintain a high bar. Any conversations asserting the opposite should be considered untenable.”
This is a sigh of relief for crypto markets which are witnessing regular downturns, layoffs, salary cuts, and even bankruptcy in some cases. Propelled after popular crypto lender Celsius paused transactions and withdrawals, the crypto market has gone into a ‘tizzy’ since then.