Kraken exchange is hiring new staff as other companies lay off staff

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Kraken, one of the world’s largest cryptocurrency exchanges, is planning to fill more than 500 positions in different departments amid the market turmoil. The hiring of new staff by the exchange is different from the approach being taken by other companies.

Kraken hires over 500 positions

The recent market downturn has forced several cryptocurrency-based firms to lay off staff because of the outflowing liquidity. Some firms firing their employees include BlockFi, Coinbase, and CryptoCom. Kraken, one of the leading exchanges, has announced it will support the move to add new employees.

“We have not adjusted our hiring plan, and we do not intend to make any layoffs. We have over 500 roles to fill during the remainder of the year and believe bear markets are fantastic at weeding out the applicants chasing hype from the true believers in our mission,” the announcement added.

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The CEO of Kraken, Jesse Powell, has also expressed his criticism over a small group of employees on the exchange. This group comprises around 20 out of the 3200 people working for the company.

“I think we’ve developed some really thoughtful policies that might not appease work activists but work for the other 99% of the world,” Powell added. He also said the employees under criticism were not a good fit for the company. These employees were involved in “minor sights” and “first world problems.”

The employees focused on insignificant issues instead of helping the company achieve its mission of promoting financial inclusion to the global population. “Most people don’t care and just want to work,” he added. He also solved some of the social challenges raised by these employees.

Kraken as a leading exchange

Powell is vocal personnel in the cryptocurrency sector. Because of his efforts, Kraken has become one of the frankest exchanges in the space regarding everyday operations.

In April, Powell decided to shut down the exchange’s headquarters in San Francisco. The exchange said that the decision was prompted by increased crime in the area. The exchange said that Chesa Boudin, the City’s District Attorney, was responsible for closing the exchange’s operations.

Kraken’s remarks are nearly similar to those made by Binance, the world’s largest exchange by trading volumes. Binance said it has 2000 open roles to fill during the current bear market. The exchange’s CEO, Changpeng Zhao, said it can hire new personnel because it minimizes advertising spending.

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