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The cryptocurrency market has been in a bearish state for the better part of this month, and the outflows are squeezing out the capital available to crypto firms. Some of the largest cryptocurrency companies, such as Coinbase and Crypto.com, have announced laying off staff because of the current market conditions.
However, these employees could find a safe harbor in companies expanding their crypto workforce. The US Financial Industry Regulatory Authority (FINRA) has announced plans to expand its capacity to monitor the cryptocurrency space.
FINRA plans to hire crypto employees
According to a Reuters report, the President and CEO of FINRA, Robert Cook, was encouraging crypto workers laid off to contact the regulator to expand its resources in the cryptocurrency space.
Cryptocurrency firms based in the US, such as Gemini and Coinbase, are cutting off staff because of the extreme volatility in the market. These layoffs could contribute to thousands of lost jobs in space.
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FINRA is one of the largest regulatory entities in the US. The regulator has employed around 3,600 people, who are tasked with regulating a wide range of financial companies operating in areas such as stocks and crypto.
“We are already having to be engaged in the space, and we think that as a result it’s appropriate for us to bulk up our capabilities there. Anybody who is getting laid off from a crypto platform and wants to work for FINRA, give me a call,” Cook added.
Cook also mentioned some of the functions that the regulatory agency could deal with. The regulator was working on releasing digital asset verification measures while monitoring the entire market, including several blockchains.
Crypto companies lay off staff
The current bear market seems to be stressing projects in the crypto space because of the outflowing liquidity. Some cryptocurrency companies based in the US, such as CryptoCom, have announced they are laying off staff amid the market turmoil.
The CEO of CryptoCom, Kris Marszalek, issued a statement on June 10, saying that the exchange would lay off 260 employees to ensure that it achieves sustainable growth in the long term. However, amid these layoffs, Binance, the largest cryptocurrency exchange by trading volumes, is looking to fill 2000 roles. These roles have been open for the past month. Kraken has also announced it is hiring more personnel despite the market downtrend.
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