Crypto.com Adding 1,400 Employees as Bitcoin, Other Tokens Rally

Crypto.com is in the process of adding 1,400 employees, a little more than a year after cutting one-fifth of its staff. 

The turnaround at the digital asset exchange began after bitcoin and other tokens rallied, Bloomberg reported Tuesday (April 16). 

The company has added 700 employees since November and plans to add another 500 people in customer service and 200 in corporate positions, Crypto.com CEO Kris Marszalek told the media outlet.

Crypto.com is not the only company in the crypto sector that is expanding its workforce. Coinbase Global, Kraken, Binance and Gemini have also done so, according to the report.

Maszalek also said in the report that he aims to triple Crypto.com’s registered user base from its current level of 80 million.

While doing so, the firm will add to its staff “slowly, thoughtfully and strategically,” he said, adding that Crypto.com has learned that simply increasing headcount does not accelerate the firm’s growth.

PYMNTS reported in January that there were signs that hiring could be resuming in the crypto sector amid renewed enthusiasm for digital assets. 

For example, CryptocurrencyJobs.co, a jobs board that charges for job posts, said at the time that it enjoyed one of its best months of revenue for 2023 in December.

In addition, Coinbase had more than 70 openings on its website, while Gemini listed 60.

“A few teams may have opened up new roles, but I also think it’s teams using up their hiring budgets to pre-buy job packs and so on,” Daniel Adler, founder of CryptocurrencyJobs.co, told Bloomberg in a report posted Jan. 5.

“There seems to be more optimism in the space. I think things will become more clear in the next few weeks,” Adler said.

That report came a year after what PYMNTS said was a “brutal week of crypto layoffs.”

During the second week of January 2023, Crypto.com cut its global workforce by 20%, Blockchain.com revealed that it had laid off 28% of its staff, and Coinbase reduced its headcount by 20%. 

Blockchain.com told CoinDesk in January 2023: “The crypto ecosystem is facing significant headwinds as it course corrects from the challenges of the last year.”