The largest cryptocurrency exchanges have suspended the layoffs that began in 2023. Moreover, trading platforms have posted hundreds of job openings in the digital asset industry. Why did such a reversal happen? And what does the intention of exchanges to replace and expand their staff, rather than optimize it, mean?
The reversal in the policies of large crypto exchanges shows that the situation in the digital asset market has changed over the past year.
After a dramatic decline in the crypto sphere in 2022, caused by the economic downturn and the collapse of a number of projects, exchanges and banks, the crypto market began to gradually recover in 2023. Major cryptocurrencies showed signs of stabilization and even decent growth at the end of the year. This allowed crypto exchanges to once again consider expanding their business and increasing their staff.
The actions of exchanges now could be due to several key factors:
Competition for market share. Top managers of exchanges understand that the restoration of demand for crypto assets creates new growth opportunities. Therefore, they are recruiting to have an advantage in attracting new clients and increasing trading volumes.
The need for qualified personnel. Technologies in the crypto sphere are developing very quickly, and exchanges need new specialists with unique knowledge and skills. Investment in personnel is seen as the key to increased efficiency and competitiveness.
During the 2022 crisis, exchanges cut costs, including firing some employees. Now that the situation has stabilized, they are ready to invest in development again, upsizing their staff.