The cryptocurrency winter has been colder for some than others. While some cryptocurrency exchanges are forced to make massive employee layoffs to withstand the bear market, others like Bitget continue to make massive hires to improve their services.
On November 25, cryptocurrency and crypto-derivatives exchange Bitget announced its registration in Seychelles, Africa as a way to facilitate its global expansion.
As reported by The Cryptonomist, Bitget plans to increase its workforce by 50%, going from 800 workers to 1200 during the first quarter of 2023. In addition, it is hiring engineers and marketing staff to improve its users’ experience.
Previously decentralized, the exchange decided to register in the Seychelles to achieve its goals of setting up more regional hubs in the future. Currently, Bitget has regional centers in Asia and Latin America, but now the team is targeting Africa and Europe as strategic market regions.
Seychelles registration will strengthen Bitget’s business relationships
Bitget CEO Gracy Chen said the Seychelles registration under the International Business Companies Act of 2016 will strengthen the platform’s banking relationships. The exchange has established meaningful partnerships with sports stars such as Lionel Messi and soccer teams such as Juventus.
“We see Seychelles as a friendly region for the crypto community. We have been working on this registration for several months and are happy to announce the development now. The registration in Seychelles provides a constructive environment for Bitget, which allows us to cooperate unlocking and strengthening banking relationships with partners, along with our expansion with different partnerships, such as Argentine soccer legend Lionel Messi and Italian soccer club Juventus.”
Chen further noted that the company will continue to hire “despite current market sentiment,” as talented personnel are needed to help the company grow, making it a safe and reliable platform to stand firmly in a “fiercely competitive industry.”
Crypto Winter is causing mass layoffs in the crypto industry
As reported by CryptoPotato, the current market conditions have been so difficult that many exchanges have been forced to reduce their staff in order 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 such as Three Arrows Capital (3AC), Voyager Digital, Celsius Network and FTX in the headlines of crypto and mainstream media.
Latin American crypto startup Lemon Cash was the last exchange to announce a significant layoff. According to its CEO, Marcelo Cavazzoli, the company must prepare to face the next three years without depending on new investments, which will cut 40% of its current workforce (about 100 workers in Argentina and Brazil) justify.
While some exchanges will continue to make massive 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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