Crypto companies are being forced to lay off employees due to the bear market, but Everstake plans to hire more due to their preparation for the fall.
Despite Russia’s invasion of Ukraine and a gloomy cryptocurrency market, Ukraine-based cryptocurrency firm Everstake plans to grow its workforce.
According to Sergey Vasylchuk, founder and CEO of Everstake, the company, which provides decentralized staking services, was fully prepared for the market fall.
Assessing and addressing potential risks is essential to doing business, and Vasylchuk said he was prepared for the crash.
“A wonderful example is the Ukraine conflict. It was a black swan before it broke out, meaning an extremely improbable event with serious implications. War, on the other hand, can reduce your company and yourself to ash. That’s why I decided to prepare for it, and regrettably, I was correct,” Vasylchuk stated on Twitter.
He went on to say that a crypto market meltdown was as inevitable as winter and that crypto players should have expected it.
“Those who were exuberant during the bull run and didn’t prepare paid a high price,” he remarked.
“At @everstake pool, we were preparing ourselves ahead of time, albeit I must admit, we underestimated Terra’s dangers.” We would have been in a much better place if it hadn’t been for this whole story. “However, we have a specific fund set up to help us get through a bear market,” he explained.
Vasylchuk stated that the organization was not terminating anyone and, in fact, was hiring.
“Since the start of the war, we’ve hired 30 new staff and have over ten openings in marketing and development,” he said.
Everstake has worked with the Ukrainian government and crypto exchanges Kuna and FTX to develop a website where individuals could donate bitcoin to help the war-torn country.
Since the start of the fight, almost $100 million has been raised in the form of cryptos and digital tokens.
Some prominent crypto players have laid off a personnel to weather the current market conditions. Coinbase, a cryptocurrency exchange, said earlier this week that it would be laying off 1100 employees, or 18 percent of its workforce.
Exchange of cryptocurrencies Crypto.com reported the layoffs of roughly 260 employees or about 5% of its total staff. BlockFi, a cryptocurrency lender, is laying off about 20% of its employees.
Gemini, a cryptocurrency exchange, laid off 10% of its employees earlier this month. Now, Ukraine has finally announced a job opening in the crypto business. This step will improve people’s lives and set up a new business environment for employees.
Individuals and organizations in Ukraine may find it challenging to budget and spend crypto-assets appropriately due to the long-term war. They will face much trouble at first but will be able to stable themselves very soon.