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Kraken To Kick Off ‘Global Hiring Push’ Despite Bearish Market


Source: AdobeStock / photo_gonzo

While some major crypto industry players are reacting to the recent market downturn with layoffs and/or freezing their hiring plans, major crypto exchange Kraken is unveiling a global hiring push with hundreds of available jobs across the world – declaring that it’s not planning to fire its employees.

The company said in a statement that,

“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 CEO has shared the company website’s ‘Careers’ page containing all open positions in various departments.

Giving a peek into the company’s working environment, Jesse Powell, CEO of Kraken, tweeted that, based on the exchange’s internal research, they “have about 20 people out of 3200 who are totally not on board”.

“60% have been with the company for < 6 months. So, no biggie, except 20 unhappy people can sap the productivity out of another 400 with little effort. […] People want to be helpful but it’s draining and resentment is often misplaced,” he said.

Kraken’s latest announcement comes shortly after rival exchange Coinbase said that, in reaction to the bearish market, it has vowed to modify its earlier expansion plans for this year with regard to creating new jobs. Some 320 people whose offers were pulled by the exchange have added their names to a Coinbase Talent Hub site created by the firm.

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In contrast with Coinbase’s cautious stance, crypto exchange FTX declared recently that it was not going to slow down hiring new employees despite the adverse market conditions, similarly to the stance adopted by Kraken.

Meanwhile, Changpeng ‘CZ’ Zhao, CEO of another rival exchange Binance, is also optimistic about the company’s hiring plans in the coming months.

“We have a very healthy war chest; we in fact are expanding hiring right now,” he said, as reported by Fortune on Monday, adding:

“If we are in a crypto winter, we will leverage that, we will use that to the max”  by “kicking into high gear in terms of M&A activity.”

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