Bitget Seeks 3x Workforce Expansion Amid Ongoing Layoffs

Emerging derivatives exchange platform, Bitget has announced its plans to strengthen its ongoing ecosystem growth with the addition of about 500 more new employees.

While many crypto platforms are struggling with the uncertainty triggered by the recent digital currency ecosystem meltdown, Bitget said it is well-positioned to increase its headcount by 100% before the end of the year.

The Bitget platform noted that its platform has been seeing remarkable growth over the past few years and will expand its scale by three times, compared with the current workforce of 150 workers in 2021. With the projected time span of 6 months, Bitget said the current long-term bearish sentiment is not affecting its business.

"Earlier this year, we announced our derivatives trading volume had reached an all-time high of $8.69 billion in March 2022. In the last 12 months, our trading volume grew by over 10 times, a notable achievement unlocked, moreover, our user base also grew significantly to two million users worldwide," said Managing Director of Bitget, Gracy Chen, adding that;

"Of course, we were also eager to expand our team to cater to the rapidly growing market needs, however, we decided to adopt a more prudent approach right from the get-go. By scheduling frequent meetings with our global and regional teams to understand where resources are needed, we were able to systematically and effectively carry out strategic hires."

The exchange said it continues to endure the crypto winter, believing that "it will be a perfect opportunity for us to attract talent in the market and strengthen our foundation, prioritise growth, and be prepared to welcome the next round of crypto adoption when the market regains strength."

Besides Bitget, Binance and Kraken have also made such a move as this, an approach that is markedly different from Coinbase and Gemini’s, both of whom have cut down their staff strengths by 18% and 10% respectively.

The trading platform noted that those who will be hired will be absorbed into its product development and customer service fields respectively.

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