Bitget to Double Global Workforce Despite Crypto Winter
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Bitget- Strong and Recurring Cash Flow
Despite uncertain market conditions, Bitget has generated "strong and recurring cash flow," according to the press release. Managing Director Gracy Chen's trading activity at the derivatives exchange increased 10-fold over the previous 12 months, reaching a record-breaking $8.69 billion in March. With a trading volume of $7.4 billion over the previous 24 hours at the time of writing, Bitget is ranked number five on Coingecko's list of derivatives exchanges. Bitget signaled its intentions to grow from Asia to North America in March when it revealed it had registered with American authorities.
Bitget's Announcement a Pleasant Surprise in the Face of Massive Lay-offs
The latest announcement by Bitget to double its workforce will bring some relief to people associated with the crypto and blockchain space. It is worth noting that the prolonged bear run has constrained many crypto companies to cut down the number of employees. While Robinhood laid off 9% of its employees in April this year, crypto.com announced that it would let go 260 employees, who make up 5% of the organization's strength.
While a number of companies have cut down on their staff strength, Bitget seems to be in a league of its own. However, it would be interesting to see how long the Singapore-based exchange would be able to stand firm on its claim.