"More will be joining than leaving," FTX has no plans to freeze hiring
Sam Bankman-Fried (popularly known as SBF), the co-founder and CEO of FTX, a cryptocurrency exchange headquartered in The Bahamas, revealed that the firm had no plans of freezing its hiring process via a Twitter thread and went ahead to describe the hiring process followed by the exchange.
FTX has no plans of laying off employees
In the light of several cryptocurrency firms and exchanges letting go of their employees recently, SBF cleared the air after being approached by several journalists that the firm is not letting go of any employees or freezing hiring amidst the bearish market. He also said that the exchange is "strongly profitable" despite Bitcoin being down by more than 50% from the all-time high.SBF took shots at the aggressive hiring process followed by exchanges like Coinbase and Gemini:
"Growing from 200 employees to 2,000 doesn't seem to 10x your productivity as a company. In fact, sometimes it doesn't even 1x your productivity."
"Companies lower the bar as they hire more, and over time the average coworker people interact with becomes a worse experience," said the CEO of FTX. He added that the firm has hired employees that were rejected by rival firms and trained them to produce better results.
"When we hit around 250 people, we slowed down hiring... to make sure we could actually integrate everyone we hired into FTX's working culture."Hence, SBF confirmed that FTX never froze its hiring process but made sure that the firm only accepted a few individuals and trained them to produce results.
Coinbase, Gemini losing employees
As revealed in a recent report by Cryptonary, Coinbase has extended its hiring freeze and also rescinded a number of accepted offers as the firm has been experiencing losses recently. On the other hand, Gemini has also let go of 10% of its employees as the co-founders of the firm, Cameron and Tyler Winklevoss, believe that 'crypto winter' has arrived.Get winning crypto tips in 5 minutes a day
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