Bitfinex and Tether to increase headcount amid falling crypto market

Companies continue to look for highly qualified employees for key positions to support the business

21.06.2022 - 11:00

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2 min

What’s new? Subsidiaries of iFinex, crypto exchange Bitfinex, and Tether, the issuer of the USDT stablecoin, are looking to hire more staff in the current downturn in the digital currency market, The Block reports. According to the Bitfinex chief operating officer Claudia Lagorio, the exchange currently has 200 employees, while Tether has 50 employees.

The Block’s material

What do the companies’ representatives say? Lagorio noted that Bitfinex has never followed a model of “aggressively” hiring large numbers of employees with a subsequent downsizing during periods of cryptocurrency market downturns. According to her, the company continues a measured search for highly qualified staff and has the necessary resources to do so.

Tether also noted that it has not reduced its staff during past market downturns and has no plans to do so in the future. Tether representatives added that the company is profitable and the search for employees for key positions to support the business will continue.

Bitfinex and Tether are not the only companies planning to hire new employees in the current market conditions. On June 13, Changpeng Zhao, CEO of the Binance exchange, noted that crypto winter is a great time to expand staff and make new acquisitions. The exchange already opened 2000 jobs and also plans new mergers and acquisitions (M&A).

On June 2, crypto exchange Gemini announced its first-ever massive job cuts since the platform’s inception in 2014. The company will reduce its headcount by 10%.

On June 14, the head of the Coinbase exchange Brian Armstrong reported a staff reduction of around 18%. This decision came as part of the platform’s cost-cutting efforts amid the coming crypto winter on the market.

On June 20, journalist Colin Wu reported that the Bybit exchange was preparing to cut between 20% and 30% of its staff. Bybit CEO Ben Zhou told employees that he would try to remove overlapping positions and assemble smaller and more agile teams.

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