Bitget, a Singapore-based exchange for cryptocurrency derivatives, expects to double its workforce over the next six months. The exchange stated in a press release on Thursday that it aimed to hire 1,000 people by the end of the year. According to a press release, the firm started with 150 employees and had later tripled in size by the middle of 2022. While the price of bitcoin, the largest cryptocurrency by market cap, has fallen more than 50% since the beginning of the year, exchanges like Coinbase, Gemini, and Crypto.com are cutting down on their staff strength as a result of the market turmoil. Bitget- Strong and Recurring Cash Flow Despite uncertain market conditions, Bitget has generated “strong and recurring cash flow,” according to the press release. Managing Director Gracy Chen’s trading activity at the derivatives exchange increased 10-fold over the previous 12 months, reaching a record-breaking $8.69 billion in March. With a trading volume of $7.4 billion over the previous 24 hours at the time of writing, Bitget is ranked number five on Coingecko’s list of derivatives exchanges. Bitget signaled its intentions to grow from Asia to North America in March when it revealed it had registered with American authorities. Bitget’s Announcement a Pleasant Surprise in the Face of Massive Lay-offs The latest announcement by Bitget to double its workforce will bring some relief to people associated with the crypto and blockchain...
