Kraken Promises to Hire More than 500 New Staff this Year

The digital currency ecosystem might be experiencing an economic meltdown at this time, but Kraken seems not to be buckling under the weight of this reality.

The exchange announced earlier this week that it has no plans to retrench some of its staff and that it plans to hire more than 500 new hands before the end of the year.

“We have not adjusted our hiring plan, and we do not intend to make any layoffs. We have over 500 roles to fill during the remainder of the year, and believe bear markets are fantastic at weeding out the applicants chasing hype from the true believers in our mission,” the American trading platform wrote; “That’s why, despite a steep decline in crypto prices and an uncertain macro environment, we’ve taken this opportunity to align our internal culture around a set of shared values we feel will keep us agile, focused, and competitive as we execute on our mission in the years ahead.”

The company acknowledged the current economic meltdown that is affect entities across the board, but said its business model is built to be able to withstand unforeseen circumstances as it currently presenting itself.

Following Binance Not Coinbase

In the wake of the harsh economic outlook and the fears of a looming recession, the Kraken promise to onboard new hands follows closely with Binance’s strategy to maximize this current downtime to scale up its reach. This strategy from Binance will feature the employment of 2,000 additional staff as confirmed by Chief Executive Officer, Changpeng Zhao.

On the contrary, Coinbase Global, the first publicly traded digital currency trading platform in the United States announced earlier, as reported by TheCoinRise that it has downsized its workforce by about 18% as it is choosing to cut operating costs in a bid to reposition current market realities.

The crypto winter is hitting exchanges and businesses in the digital currency ecosystem in different ways. Every firm is responsible to its customers, shareholders, and investors and Kraken has chosen to trail a similar path first set out by Binance.