Cryptocurrency exchange AAX expands hiring amid layoffs elsewhere
Institutional cryptocurrency exchange AAX said that it was expanding hiring right now, a sharp contrast to a slew of job cuts and a hiring freeze at multiple companies operating in the crypto space.
The prominent platform has “hundreds of roles” available across many functions as it double staff size this year to support its global expansion plans. AAX will open additional offices to support new markets and add staff to expand expertise and product lines.
The good news comes amid a downturn in crypto markets that triggered a wave of high-profile firings, layoffs, and staff reductions at leading players. On top of those pieces of news was Coinbase, which cut about 1,100 jobs or 18% of its workforce and Gemini which let 10% of its staff go.
These exchanges join other crypto firms like Crypto.com, BlockFi, Bitso and Mercado Bitcoin in Latin America in slashing hundreds of jobs to ride out a downturn in the crypto sphere.
Not only on AAX, but the new subdivision AAX Trends also continues to hire to provide education through programs, content, events and partnerships.
The move by AAX comes amid extreme volatility in the cryptocurrency market with many exchanges citing the looming recession as a culprit behind their decision to lay off staff.
However, AAX has continued to strike a uniquely buoyant tone during this turbulent period, with Ben Caselin, Head of Research and Strategy at AAX saying “to see exchanges laying people off during bear markets is very strange and reactive only. Bear markets are for building and for building, we need people.”
“We believe that’s just the beginning in delivering on our mission. That’s why we are hiring even under these turbulent market conditions. The evolution of money is a long-term growth story and our talent recruitment strategy aligns with that fact. Our commitment to emerging markets is part of that same growth story,” he added.
Powered by London Stock Exchange Group’s LSEG Technology’s matching engine, AAX lowers the access barrier for novice traders using several initiatives, including zero trading fees. In 2021, the cryptocurrency venue has seen its trading volumes more than doubled.
AAX lets users trade major cryptocurrencies, as well as a wide basket of DeFi-centric currencies like Solana, Chainlink, Uniswap, Aave and more.
Recently, AAX announced a highly attractive integration with crypto sentiment analysis and market data platform, The Tie. The integration of The TIE’s proprietary sentiment data customizes the ultimate trading experience of its clients.