Crypto Exchange Bitget Plans to Double Workforce as Peers Cut Back in Bear Market

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Bitget, a Singapore-based crypto derivatives exchange, plans to double its workforce over the next six months, just as other crypto firms are cutting back.

  • The exchange plans to reach 1,000 employees by the end of the year, it said in a press release on Thursday. It had 150 employees at the start of 2021 and had grown threefold by mid-2022, according to the press release.

  • Exchanges like Coinbase, Gemini and Crypto.com, meantime, are reducing staff amid a market rout that’s seen the price of bitcoin, the largest cryptocurrency by market cap, slump more than 50% since the start of the year.

  • Bitget has experienced “tremendous growth and generating strong and recurring cash flow despite uncertain market conditions,” the company said. Trading volume at the derivatives exchange grew 10-fold in the past 12 months, reaching an all-time high of $8.69 billion in March, said Managing Director Gracy Chen.

  • Bitget ranks number five in Coingecko’s list of derivatives exchanges, with a trading volume of $7.4 billion in the past 24 hours as of the time of writing.

  • In March, Bitget announced it had registered with U.S. authorities, signaling that it plans to expand from Asia to North America.

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