Plans ‘Thoughtful’ Hiring After Laying off 20% of Workforce Last Year Plans ‘Thoughtful’ Hiring After Laying off 20% of Workforce Last Year

by April 17, 2024’s CEO Kris Marszalek outlined the digital-asset exchange’s plans to expand its workforce, in a recent Bloomberg interview.

This comes after a period of downsizing in early 2023, where the company cut 20% of its staff following a downturn in the crypto market.

Prior to the mass layoffs, acquired the naming rights for the stadium formerly known as Staples Center, in a deal worth US$700 million over 20 years with Anschutz Entertainment Group (AEG). Around the same time, the company also ventured into F1 sponsorship deals.

At that time, Marszalek was tight-lipped about the layoffs saying that is a private company and is not obligated to follow the public US company playbook by releasing a statement. has already bolstered its workforce by adding 700 new employees since November last year and is set to hire an additional 700.

The hiring will focus on enhancing customer services with 500 new roles and boosting corporate functions with 200 positions. This hiring push aligns with the company’s strategic plans to triple its user base, which currently stands at over 80 million registered users.

Marszalek emphasized a strategic approach to this expansion, learning from past experiences that simply increasing numbers does not necessarily speed up progress. He highlighted the importance of growth that “will take place slowly, thoughtfully, and strategically.

The move mirrors a broader trend in the crypto industry, where firms like Coinbase Global Inc., Kraken, Binance, and Gemini are also increasing their staff. This renewed hiring vigor comes as the sector recovers, aided by rallying crypto prices such as Bitcoin.

Looking ahead, plans to launch services in South Korea at the end of this month, marking another strategic expansion into new markets.