FTX Continues Hiring Despite Coinbase, Gemini Cutting Losses

North American crypto exchange FTX announced that it will continue its expansion despite contemporaries Coinbase and Gemini deciding to cut their losses.

FTX’s job openings remain open and that the exchange is ‘actively recruiting’, according to LinkedIn, although Coinbase has rescinded already-accepted job offers. Worse, Gemini has laid off 10% of its workforce.

In a Twitter thread, FTX CEO Sam Bankman-Fried explained the rationale behind their decision to hire more people as the crypto market remains unimpressive at best. According to him, FTX has been responsible in integrating new joiners to the company, hence, maximizing their efficiency.

Bankman-Fried explained:

Because we hired carefully, we can keep growing regardless of market conditions… More will be joining than leaving, though – as always – we’ll make sure to add people at a sustainable rate.

FTX has been expanding across different territories. For instance, the crypto exchange received licenses to operate in Middle Eastern countries such as the UAE and Bahrain. Recently, the crypto derivatives exchange also set up shop in Japan and Australia.

What is more, the crypto exchange has started its foray into equities trading, as well as expressed interest in acquiring startups like Mobile Premier League (MPL). CoinQuora also reported that Wall Street giant Goldman Sachs has been in talks with FTX through its US office. According to the report, Goldman Sachs is planning to venture into crypto derivatives.

In other news, the crypto market has taken an overnight tumble once again. Despite having a strong start, Bitcoin has retreated back to $29,000 as its ascent to $32,000 has been rejected for the longest time. Meanwhile, Ethereum has crashed to $1,700 again despite its slow crawl back to the $2,000 zone.