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June 8, 2022

FTX Chief Sam Bankman-Fried Says Firm Will Continue Hiring As Others Cut Jobs Amid Crypto Winter

By Daily Hodl Staff

FTX chief executive Sam Bankman-Fried says his exchange plans to continue hiring new people despite the crypto market downturn.

Bankman-Fried says FTX has focused on expanding its workforce in a slower, more sustainable way that ensures the company has a chance to properly train all of its new hires.

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“A lot of reporters have reached out asking if we’re going to be scaling back. And our answer is the same as always: We’re going to keep pushing forward.

More will be joining than leaving, though — as always — we’ll make sure to add people at a sustainable rate. And, as always, we’ll make sure to uphold a high standard.

The amount each teammate can do is enormous. And while we expect a lot of each other, it’s incumbent on us to create an environment where people can thrive.”

The CEO also adds that FTX remains “strongly profitable” despite the market conditions.

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A number of other major exchanges have announced hiring freezes or layoffs: Coinbase’s chief people officer, L.J. Brock, said last week the exchange planned to extend its pause on hiring new employees for the foreseeable future. Coinbase also rescinded a number of job offers they already made.

Additionally, Gemini recently announced it will be letting around 10% of its employee roster go due to crypto market and macroeconomic concerns.

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