What is Happening?
AAX Exchange is hiring hundreds of professionals as part of its ambition to quadruple its workforce this year in order to achieve its global expansion plans. AAX will increase its expertise and offering by opening new offices and hiring more employees to support new markets. AAX is also hiring for its new subsidiary AAX Trends, where professionals are being hired to provide knowledge and education through programmes, material, events, and collaborations. The expansion coincides with the downsizing of some well-known digital asset organizations.
Ben Caselin, VP of Global Marketing and Communications at AAX said:
Exchanges laying people off during bear market is very strange and reactive only. Bear markets are for building and for building, we need people.
Digital asset organizations laying employees due to poor management decisions of hiring without any overlook is a poor look for the crypto industry. This is the perfect time to scout for talent as the bear market separates the hubris from the gold ~ a great time for building great products and a foundation for the future of finance.
Vested Interest Disclosure: The author is an independent contributor publishing via our
What is AAX Exchange?
AAX is a top virtual currency exchange that serves a global audience, intending to make crypto accessible to everyone. AAX wants to enable the projected 96% of individuals globally who don't even own Bitcoin and other digital assets to create stronger and more egalitarian economies via an accessible selection of goods and by participating in the discourse around crypto and culture. AAX is the first to use LSEG Technology, which allows us to provide high-yield savings packages, 200+ spot pairings, highly liquid futures markets, frequent token discounts, and a variety of on- and off-ramp goods.
Understanding Why Bear Markets Are The Time to Build Billion-Dollar Products
Recently, market confidence in the crypto industry has been clouded by uncertainty and the crypto winter has not been kind to certain blockchain companies and talents. Cryptocurrency market cycles, meanwhile, are not unique to crypto but are common in all financial industries. Only when the market is at its top can a healthy industry benefit from its highs and its lows; companies and individuals must be prepared for the next "bull" and willing to take the opportunity of the web3 adoption.
According to Abdo Riani, barely profitable enterprises are more likely to fail during a bull market than those that are lucrative. As surprising as this news is for these enterprises and their stakeholders, it might have long-term beneficial implications on the economy and the blockchain industry. Applications such as Uniswap, Bancor, MakerDAO were built during the bear season.
In the same way that a bushfire burns away old, dry timber, releasing nutrients into the soil and exposing the canopy to sunlight, a recession does the same to the company where failures create a new forest. New, more efficient, inventive web3 enterprises and even new market segments may fill the void left by old and unsuccessful web3 organisations. The increased availability of low-cost, high-quality staff brought on by business failures and huge layoffs makes filling open positions in the blockchain industry easier.
The popularity of Bitcoin and other digital assets is still growing throughout the world, especially in developing areas. This is helping to build more accessible economies and more fair and wide-reaching financial applications. The term "financial inclusion" is much more than a fad. Delivering on a promise takes making an effort. For example, AAX was the first digital exchange to offer users Satoshi Standard (SATS) and incorporate the lightning network as part of its effort to target developing regions. With crypto companies still hiring it can be said that crypto continues to be open to all types of talent, reaffirming its commitment to the further development of web3 products for the next bull market.
Understanding the Impact of Bear Market on the Blockchain Industry
For venture capitalists and companies, the bull market is a fantastic signal to keep doing what they're doing. Still, the bear market is a terrific signal that the present system has to alter swiftly.
For this, a web3 company's ability to adapt to changing market conditions is essential to its success. Web3 startups, on the other hand, are imaginative, quick, and adaptive because of the congestion of their stakeholders' interests and their large scope for adoption and growth capacity.
Airbnb, Gemini, Binance and Uber are two outstanding instances of successful firms even during a bad market. For example, many people initially felt it was bizarre for individuals to rent out rooms in a stranger's house or get into a stranger's automobile—however, the outlook on ride-sharing changed slowly, creating a multi-billion dollar industry.
Final Thoughts on Crypto Hiring
In my opinion, one should consider starting a company even if the economy is in flux. Startups are perfectly suited to economic uncertainty because of their evolving nature and adaptability, which helps break things and prove business models to investors and the public.
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Image credits: Tim Mossholder, Pierre Borthiry, Andrae Ricketts, DeepMind and Pascal Bernardon.