It’s not surprising that lots of crypto-related services and firms are making some adjustments to weather the bearish market and KuCoin was among the listed firms that were rumored to reduce staff due to the prevailing crypto winter. Many firms have struggled to handle the impacts of the price drop of cryptocurrencies. Some even treaded on the verge of insolvency, which led to the suspension of all transactions on their platform. Some companies reported laying off some staff to cut expenses and other costs.
The bear market brought a significant drop in transactions and revenues for most crypto-related companies like exchanges. Also, top and leading exchanges like Coinbase, Bybit, and Crypto.Com joined the trend of laying off some of their employees.
However, KuCoin has publicly denied such rumors concerning its recent activities. On Monday, through Wu Blockchain tweet, KuCoin said that it has not engaged in any massive layoff of its staff.
But instead, the crypto exchange stated that it still has 300 open employment positions. The firm maintained that it only conducted regular assessments for all its staff. Through the posted results from operations, a team with poor judgments could leave the company.
Through his tweet on Monday, KuCoin CEO Johnny Lyu disclosed that the firm is committed to more growing moves. He stated they would scale with outstanding talent to be distinctive within the industry. Hence, despite the bearish market trend, they plan for more expansion and developmental initiatives.
KuCoin Plans To Raise Its Workforce By 30%
Kucoin is currently operating with a staff strength of 1,000 personnel. However, through the open position, the crypto exchange is making more moves that would see an almost 30% rise in its workforce. The selected vacant positions are majorly in the compliance, marketing, and technology department of the firm.
In another statement, KuCoin reiterated that it never had any connections with the Terra ecosystem. Furthermore, it stated that it did not invest in UST, its token LUNA, or its related positions. Also, it maintained that the exchange has no wealth management products related to UST.
According to some reports two weeks ago, the exchange CEO stated that the exchange has no exposure to 3AC, LUNA, Babel, and other struggling platforms. Furthermore, Lyu explained that KuCoin is not hatching plans to restrict users’ activities like withdrawal suspension and others.
KuCoin has shown tremendous growth and sustainability in its operations. From its semi-annual report, the exchange has its position at $10 billion following its $150 million fundraising in May.
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Also, within the current crypto winter, the exchange has pulled its asset together without slowing its achieved growth. Instead, it has recorded more than $2 trillion as its total trading volume for both spot and futures. Contrary to several declining records of trading volume from its competitors, KuCoin has made up to 180% growth YoY.
Featured image from Pexels, chart from TradingView.com