to increase headcount by 25% next year: Bloomberg

Quick Take

  • With plans to expand into Turkey and Nigeria, said it will increase its headcount by 25%.
  • During the latest downturn, the company laid off 25% of its employees in 2022.

A month after securing $110 million in financing, cryptocurrency exchange said it plans to grow its workforce by 25% in the new year, according to Bloomberg.

With plans to expand into Turkey and Nigeria, and the recent hire of Curtis Ting, a former Kraken executive, will also be seeking additional licenses, the company's CEO Peter Smith told Bloomberg in an interview. currently employs about 300 people, according to the report. The announced expansion plans comes on the heels of last month's news the company raised $110 million in a funding round led by Kingsway Capital, an investment management firm based in the UK. Other participants included Baillie Gifford, Lakestar, Lightspeed Venture Partners, Coinbase Ventures and others.

"We’ve seen a lot of shakeout in the market, whether it's companies retreating from certain local markets or being distracted from regulatory [pressure], or companies going under," Smith said in the interview. "For us over the last 1.5 years, it's been an incredible opportunity to take market share. There’s probably 60-70% less competition right now than there was at the end of 2021 — brokerages, exchanges, any line you look at."


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Shifting landscape

The company's decision to try and tackle new markets comes as Binance, the world's largest crypto exchange, has seen its dominance slip and U.S.-based Coinbase is making inroads to expand internationally.

After the 2021 collapse of crypto lender Three Arrows Capital, was left with a $270 million hole. The following year, laid off 25% of its staff and reduced CEO compensation.

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About Author

RT Watson is a senior reporter at The Block who covers a wide array of topics including U.S.-based companies, blockchain gaming and NFTs. Formerly covered entertainment at The Wall Street Journal, where he wrote about Disney, Netflix, Warner Bros. and the creator economy while focusing primarily on technological disruption across media. Previous to that he covered corporate, economic and political news in Brazil while at Bloomberg. RT has interviewed a diverse cast of characters including CEOs, media moguls, top influencers, politicians, blue-collar workers, drug traffickers and convicted criminals. Holds a master's degree in Digital Sociology.


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