Cryptocurrency exchange AAX expands hiring amid layoffs elsewhere
Institutional cryptocurrency exchange AAX said it is increasing hiring right now, a stark contrast to a slew of job cuts and a hiring freeze at several companies operating in the crypto space.
The leading platform has “hundreds of roles” available across many functions as it doubles the size of its staff this year to support its global expansion plans. AAX will open additional offices to support new markets and add staff to expand its expertise and product lines.
The good news comes amid a downturn in crypto markets that has sparked a wave of high profile layoffs, layoffs and downsizing among major players. In addition to this news, Coinbase, which cut around 1,100 jobs or 18% of its workforce, and Gemini, which laid off 10% of its workforce.
These exchanges join other crypto companies like Crypto.com, BlockFi, Bitso, and Mercado Bitcoin in Latin America to cut hundreds of jobs to ride out a downturn in the crypto sphere.
Not only on AAX, but the new AAX Trends subdivision also continues to hire to provide education through programs, content, events and partnerships.
AAX’s move comes amid extreme volatility in the cryptocurrency market, with many exchanges citing the impending recession as the culprit for their decision to lay off staff.
However, AAX continued to strike a particularly dynamic tone during this turbulent period, with Ben Caselin, head of research and strategy at AAX, stating that “to see exchanges laying off people during bear markets is very strange and only reactive. Bear markets are for construction and for construction we need people.
“We believe this is just the beginning of realizing our mission. That’s why we’re hiring even in 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 the London Stock Exchange Group’s LSEG technology matching engine, AAX lowers the barrier to entry for novice traders using several initiatives, including zero trading fees. In 2021, the cryptocurrency venue saw its transaction volumes more than double.
AAX allows users to trade major cryptocurrencies, as well as a large basket of DeFi-centric currencies like Solana, Chainlink, Uniswap, Aave and more.
Recently, AAX announced a very attractive integration with crypto sentiment analysis and market data platform, The Tie. The integration of The TIE’s proprietary sentiment data personalizes the ultimate trading experience for its clients.