In contrast with exchanges like Coinbase and Gemini, the derivatives platform plans to increase its staff.
Bitget, a Singapore-based crypto derivatives exchange, plans to double its workforce over the next six months, just as other crypto firms are cutting back.
The exchange plans to reach 1,000 employees by the end of the year, it said in a press release on Thursday. It had 150 employees at the start of 2021 and had grown threefold by mid-2022, according to the press release.
Exchanges like Coinbase, Gemini and Crypto.com, meantime, are reducing staff amid a market rout that’s seen the price of bitcoin, the largest cryptocurrency by market cap, slump more than 50% since the start of the year.
Bitget has experienced “tremendous growth and generating strong and recurring cash flow despite uncertain market conditions,” the company said. Trading volume at the derivatives exchange grew 10-fold in the past 12 months, reaching an all-time high of $8.69 billion in March, said Managing Director Gracy Chen.
Bitget ranks number five in Coingecko’s list of derivatives exchanges, with a trading volume of $7.4 billion in the past 24 hours as of the time of writing.
In March, Bitget announced it had registered with U.S. authorities, signaling that it plans to expand from Asia to North America.