Global players lay off staff amid crypto winter but Indian exchanges are on a hiring spree

economictimes.indiatimes.com:

After the announcement of layoffs from Crypto.com and BlockFi plan, another global exchange Coinbase has announced to vacant its chairs from the offices across the globe. Crypto exchange Crypto.com and lending platform BlockFi plan to cut a total of more than 400 jobs, whereas Coinbase announced to layoff as many as 1,100 employees or 18 per cent of its workforce on Tuesday.

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While a long list of global crypto companies is looking to reduce headcount, Indian crypto exchanges and companies have different plans. According to a number of leading crypto exchanges, including CoinDCX, CoinSwitch, WazirX, Unocoin, Mudrex and Giottus, slashing of staff count is not on their checklist, despite the severe turmoil in the cryptos and economy. In a response to a query from ETMarkets.com, the majority of the homegrown exchanges said that neither they are planning any layoffs from their workforce, nor are they freezing hiring. Mudita Chauhan, Head HR, CoinDCX said the unicorn exchange hiring pace is likely to grow for the current year. The overall headcount of the organization is projected to more than double by the end of the fiscal year to 1,000 employees. «We plan to build for scale and therefore, invest in functions that will strengthen our core. We will continue investing in resources for that,» said the exchange. The crypto market has been in a tight bear hug as the total market cap of all the tokens slipped below the $1 trillion mark earlier this week, registering a slump of 70 per cent from the peak. Major tokens including Bitcoin and Ethereum