KuCoin is set to increase its workforce by 30% despite the bear market affecting numerous cryptocurrency companies.
KuCoin’s CEO Johnny Lyu told CoinDesk via Telegram on Monday that the cryptocurrency exchange is set to hire 300 employees soon. This latest development comes as some crypto companies downsize their workforce to cope with the bear market.
Lyu stated that;
“KuCoin has not reduced staff and does not plan to do so. We are one of the few crypto platforms that continue to grow by relying on an effective business strategy, focusing on releasing new products and maintaining a healthy atmosphere in our team.”
He added that KuCoin is doing everything possible to boost the productivity and motivation of employees while also expanding in a few areas.
The cryptocurrency exchange recently hit 1,100 employees, and Lyu said they are in the process of hiring 300 more.
This is possible thanks to the $150 million the company raised in May. KuCoin is now valued at $10 billion following the funding round two months ago. Lyu added that;
“We believe that our bet on growth in times of market turbulence is the only correct decision that helps us maintain a high bar. Any conversations asserting the opposite should be considered untenable.”
The KuCoin CEO assured investors and users that the exchange would continue to work to attract some of the best talents in the market. KuCoin believes that talent is the key to remaining competitive in the crypto space, he added.
KuCoin is currently one of the leading cryptocurrency exchanges in the world in terms of daily trading volume. According to the data obtained from Coinmarketcap, KuCoin processes over $800 million in daily trading volume.
KuCoin’s expansion comes at a time when other exchanges are struggling. Coinbase laid off 1,100 employees last month due to the bear market.
Banxa had also laid off 70 employees while Houbi said it plans to cut down its workforce by 30% soon.
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