KuCoin refutes job-cut rumors, revealing plans to hire during the Crypto Winter

KuCoin CEO Johnny Lyu announced on Monday that the exchange plans to hire over 300 people in the coming months. The executive stated: “KuCoin has not reduced its workforce and has no plans to do so. We are one of the few crypto platforms that has grown by relying on an effective business strategy, focusing on the release of new products, and maintaining a healthy environment in our team.”

Lyu stated that the company was doing everything possible to increase employee productivity and motivation while also focusing on compliance and innovation.

According to the CEO, the total number of employees at the firm recently surpassed 1,000, and the company is currently looking to hire 300 more. According to the executive, positions are available in the company's marketing, compliance, and technology teams.

Lyu went on to say: “In times of market turbulence, we believe that our bet on growth is the only correct decision that allows us to maintain a high bar. Any discussions that assert the opposite should be considered untenable.”

The Current Downsizing Pattern

Since May of this year, the crypto sector has been hit hard. Digital token prices have fallen across the board, and at the time of writing, Bitcoin is trading for less than $20,000 per coin.

The industry's labor market has taken a significant hit as a result of the ongoing bear market. Many major companies have recently laid off multiple employees, including US-based exchanges Gemini, BlockFi, and Coinbase, Singapore-based crypto exchange Bybit, Austria-based Bitpanda, and Mexican exchange Bitso. And the wave of layoffs appears to be gathering steam.

However, a few cryptocurrency companies have recently stated that they are still hiring. Kraken, a San Francisco-based cryptocurrency exchange, announced in the middle of last month that it plans to hire 500 new employees this year.

On July 15th, crypto exchange Binance announced that it is currently expanding its hiring, with plans to fill over 2000 job positions ranging from engineers, product, marketing, and business development, among others.

Last month, the Sam Bankman-Fried-led crypto exchange FTX also revealed that it is hiring more employees and will continue to do so.