KuCoin Promises 30 Percent Staff Expansion, Pushes Lay-Off Rumours Aside

KuCoin crypto exchange is not trimming its work force despite the ongoing market downtime. As opposed to many of its contemporaries, KuCoin has decided to onboard more staffers from the crypto industry onto its team. The development came into light as KuCoin CEO Johnny Lyu took it upon himself to deny recently circulating rumours that suggested otherwise. Launched in 2017, KuCoin already has over 1,000 employees. As part of its hiring strategies for the next few months, the company may hire over 300 more employees.

Teams that are eligible for expansion within KuCoin includes its technology, compliance, as well as marketing.

“KuCoin has not reduced staff and does not plan to do so. We believe that our bet on growth in times of market turbulence is the only correct decision that helps us maintain a high bar. Any conversations asserting the opposite should be considered untenable,” CoinDesk quoted Lyu as saying in an interview.

While the overall crypto slump may have had some impact on KuCoin’s operations, the company escaped from the severity because it did not hold or invest in any Terra-related tokens.

The native token of the Terra ecosystem ‘LUNA’ crashed after the organisation’s UST stablecoin continued to fall well short of its dollar peg back in May, contributing to the overall crypto slump.

In May, the exchange raised $150 million (roughly Rs. 1,158 crore) in a pre-Series B funding round. With this funding, the valuation of KuCoin reached $10 billion (roughly Rs. 77,264 crore).

KuCoin raised this capital and has now revealed plans of expanding its team when other big crypto firms like Coinbase, BlockFi and Crypto.com, and Vauld crypto trading platform announced lay-offs from their respective companies citing economic instability.

Earlier this year, the Seychelles-based company also announced its crypto wallet platform, which is decentralised and self-custodial in nature.

Named the KuCoin Wallet, the platform supports multi-chain aggregation that enables users to send, receive, and store BTC, ETH, USDT, USDC, and BNB among other cryptocurrency tokens.