Home News KuCoin Debunks Rumors of Massive Sack, Says It’s Hiring 300 Staff Instead

KuCoin Debunks Rumors of Massive Sack, Says It’s Hiring 300 Staff Instead

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It appears that the exact opposite of rumors making the rounds is what is going on at cryptocurrency exchange KuCoin.

KuCoin to hire over 300 employees

According to Johnny Lyu, KuCoin CEO, the exchange is actually planning to hire the services of over 300 staff in the next few months. He said:

“KuCoin has not reduced staff and does not plan to do so.” 

Lyu also seized the opportunity to discuss how the KuCoin platform employs an “effective business strategy.” And that this strategy is what ensures that the team keeps growing. He then added that the company will continue to do all it can to see that productivity is increased and staff are properly motivated. 

Presently, KuCoin boasts of a workforce that tops 1,000, and with focus on expanding its team, plans to recruit 300 more. The company will be recruiting for positions that span across compliance, technology, and marketing. 

Putting the rumours of layoffs to bed, Lyu said:

“We believe that our bet on growth in times of market turbulence is the only correct decision that helps us maintain a high bar. Any conversations asserting the opposite should be considered untenable.”

As crypto platforms take hard decisions

Without a doubt, there’s a general cryptocurrency market crash. And to cope with the negative effects of the downtrend, many crypto platforms are resorting to laying off their staff.

For instance, top crypto exchange Coinbase had to let about 1,100 workers go in June. In the same vein, Banxa axed about 70 of its employees, while Huobi also plans to let as much as 30% of its staff go. Many others have also had to cut down on costs anyway they deemed necessary. While some companies are taking out loans, others are being acquired or sealing merger deals. All in a bid to wriggle out of the current market situation.

Essentially, this recent trend is what makes KuCoin’s decision to hire even more hands, particularly impressive. 

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