The cryptocurrency winter has been colder for some than others. While some cryptocurrency exchanges are forced to conduct massive employee layoffs to weather the bear market, others like Bitget continue to make massive hires to improve their services.
On November 25, the cryptocurrency and crypto derivatives exchange Bitget announced its registration in the Seychelles, Africa, as a means 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 professionals to improve its users’ experience.
Formerly decentralized, the exchange decided to register in the Seychelles to meet 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 aiming at Africa and Europe as strategic market regions.
Seychelles Registration Will Strengthen Bitget’s Business Relationships
Bitget CEO Gracy Chen said that 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 for several months on this registration and are happy to announce the development now. The registration in Seychelles offers a constructive environment for Bitget, enabling us to unlock collaborations with partners and strengthen banking relationships, along with our expansion with different partnerships, such as the Argentine football legend Lionel Messi and the Italian football club Juventus.”
Chen further noted that the company will continue to hire “despite current market sentiment,” as talented personnel is needed to help the company grow, making it a secure and reliable platform to stand firm in a “fiercely competitive industry.”
Crypto Winter Causes Mass Layoffs in the Crypto Industry
As reported by CryptoPotato, the current market conditions have been so harsh that many exchanges have been forced to reduce their staffs 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 like Three Arrows Capital (3AC), Voyager Digital, Celsius Network, and FTX in the headlines of crypto and mainstream media.
The 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 justified a 40% cut of its current workforce (around 100 workers in Argentina and Brazil).
Although some exchanges will continue to make massive layoffs, there will always be others, such as Binance, Huobi, and Bitget, that will continue to welcome new staff even if the conditions are not the best.