(Bloomberg) — Leading digital asset exchange Crypto.com is in the midst of a hiring campaign that could increase its headcount by a total of 1,400 people, the latest sign of an improving employment outlook for the sector.
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The company also has a wallet business, and CEO Chris Marszalek said it has already hired 700 additional employees since last November, including 500 more in customer service roles and 500 more in corporate roles. The company plans to hire 200 people.
Crypto.com cut a fifth of its staff in early 2023 to contain costs following the market collapse that saw dozens of digital asset companies collapse. The company resumed hiring after the price of tokens, including Bitcoin, rose. Rivals such as Coinbase Global Inc., Kraken, Binance and Gemini are also adding staff.
Marszalek said in an interview with Bloomberg News on Tuesday that he wants to triple the company's current number of more than 80 million registered users. Hiring to support that growth will be done “slowly, thoughtfully and strategically,” he said. “We found that just having more employees doesn’t actually move us faster.”
In a separate interview with Bloomberg TV, Marszalek said that while a sell-off in Bitcoin may become evident as the so-called halving date approaches, the event will likely push up the price of the largest digital asset in the long run. He said it would happen.
The halving will reduce the new supply of Bitcoin and is expected to occur around April 20th. Historically, halvings have proven to be a tailwind for prices, but given that Bitcoin already hit an all-time high in mid-March, a repeat halving is likely. There is some doubt as to whether it is high.
“Selling news”
“As we get closer to this date, we may see some selling due to rumor-buying, news-selling transactions,” Marszalek said on television. In the long term, he said, the halving would be a “major change” and a “positive development for the market.”
Read more: Bitcoin 'halving' will cost crypto miners $10 billion
As of 11 a.m. Tuesday in London, Bitcoin was little changed at $63,260. Bitcoin hit an all-time high of $73,798 last month, driven by inflows into the three-month-old U.S. spot Bitcoin exchange-traded fund.
“We expect to see some pretty decent action within six months after the Bitcoin halving,” Marszalek said.
The halving will reduce the amount of Bitcoin that so-called miners can earn each day by validating transactions from 900 to 450. Miners use super-fast computers to solve mathematical puzzles and compete for rewards.
According to CoinGecko statistics, the trading volume of Crypto.com in the past 24 hours exceeded $1.5 billion. Marszalek added that about half of its users are in the US, about a third in Europe and the UK, and 10% in Asia. The United States accounts for 50% of the company's revenue.
The company plans to start offering the service to retail customers in South Korea later this month, which Marszalek described as a long-term strategy.
–With assistance from Ryan Weeks, stacy-marie ishmael, and Karthikeyan Sundaram.
(Updated from first paragraph of Crypto.com's recruitment plan.)
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