The cryptocurrency winter has been colder for some than for others. While some cryptocurrency exchanges are forced to make mass layoffs of employees to deal with the bear market, others like Bitget continue to make massive hirings to improve their services.
On November 25, cryptocurrency and crypto derivatives exchange Bitget announced its registration in Seychelles, Africa, to facilitate its global expansion.
As The Cryptonomist reports, Bitget plans to increase its workforce by 50% from 800 workers to 1,200 in the first quarter of 2023. Additionally, it is hiring engineers and marketing professionals to improve its user experience. .
Formerly decentralized, the exchange has decided to register in Seychelles to achieve its goals of creating regional hubs in the future. Currently, Bitget has regional hubs in Asia and Latin America, but the team is now targeting Africa and Europe as strategic market regions.
Registration in Seychelles will strengthen Bitget’s business relationship
Bitget CEO Gracy Chen said Seychelles’ registration under the International Business Companies Act 2016 will strengthen the platform’s banking relationship. The exchange has established meaningful partnerships with sports stars such as Lionel Messi and football teams such as Juventus.
“We consider Seychelles a friendly region for the crypto community. We have been working on this recording for several months and are happy to announce the development now. Registration in the Seychelles provides a constructive environment for Bitget, allowing us to unlock collaborations with partners and strengthen banking relationships, as well as our expansion with different partnerships, such as Argentine football legend Lionel Messi and the football club Italian Juventus.
Chen further noted that the company will continue to hire “despite the current market sentiment” as talented personnel are needed to help the company grow, making it a secure and reliable platform to stand firm. in a “fiercely competitive industry”.
Crypto Winter causes massive layoffs in the crypto industry
As reported by CryptoPotato, current market conditions have been so difficult that many exchanges have been forced to cut staff to survive one of the worst years for the cryptocurrency market and the global economy.
Currently, thousands of people in the crypto industry have lost their jobs, with companies like Three Arrows Capital (3AC), Voyager Digital, Celsius Network, and FTX in the crypto and mainstream media headlines.
Latin American crypto startup Lemon Cash was the latest exchange to announce a major layoff. According to its CEO, Marcelo Cavazzoli, the company must prepare to face the next three years without depending on new investments, which justified a reduction of 40% of its current workforce (around 100 employees in Argentina and Brazil).
Although some exchanges will continue to carry out mass layoffs, there will always be others, such as BinanceHuobi and Bitget, which will continue to welcome new staff even if the conditions are not the best.
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