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Crypto exchange KuCoin preparing to increase staff by 30 percent

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HIGHLIGHTS :

  • Recently there was speculation about layoffs from KuCoin.
  • The exchange has received funding of around $150 million
  • The market capitalization of crypto has come down to below $1 trillion.

The exchange recently received funding of around $150 million. With this, the value of KuCoin has increased to about $ 10 billion.

Recently there was speculation about layoffs from KuCoin.

Due to the decline in the crypto market for the past few months, many firms in this segment have started efforts to reduce costs. This includes reducing the number of staff. Crypto exchange KuCoin has decided to increase its workforce. KuCoin has over 1,000 employees. It plans to hire more than 300 people.

Recently there was speculation about layoffs from KuCoin. The exchange’s CEO Johnny Lyu called this wrong, saying that KuCoin has not reduced staff and has no plans to do so. “We believe that our bet on growth in a volatile market is the only right decision that will help us move forward,” CoinDesk was quoted as saying in an interview with Lyu. The decline in the crypto market did not have a major impact on KuCoin as the firm did not invest in Terra-linked tokens.

The exchange has received funding of around $150 million

The exchange recently received funding of around $150 million. With this, the value of KuCoin has increased to about $ 10 billion. The exchange has decided to do hiring in the Technology, Compliance, and Marketing divisions. Coinbase, one of the major crypto exchanges, recently decided to reduce its workforce by 18 percent. The firm, which has its headquarters in the US, said that it has taken this step to cut costs in this difficult period in the industry. The decision is expected to result in layoffs of over 1,000 employees of the exchange. Brian Armstrong, the exchange’s chief executive officer, said in a blog post, “The difficult decision has been taken to reduce our team size by approximately 18 percent. This will ensure the firm’s position during economic slowdowns.”

The market capitalization of crypto has come down to below $1 trillion

Earlier crypto trading and lending platform BlockFi had announced layoffs of around 200 employees and crypto exchange Crypto.com about 260 employees. Both these firms have given similar reasons for reducing the workforce. The market capitalization of crypto has come down to below $1 trillion. The price of bitcoin, the largest cryptocurrency by market capitalization, was recorded in November last year.

Earlier, the crypto trading and lending platform BlockFi announced the dismissal of about 200 employees and about 260 employees of the crypto exchange Crypto.com. The two firms have given similar reasons for the reduction in manpower. The cryptocurrency market capitalization has fallen below $ 1 trillion. The value of bitcoin, the largest cryptocurrency in terms of market capitalization, fell from a high of about ً 69,000 in November last year to about, 20,400.

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