All the major cryptocurrency exchanges have undergone a significant phase of lay-offs in the market. The delicacy of cryptocurrency makes it very hard for cryptocurrency exchanges to recruit the staff.
The exchange agencies like the Bithumb, Coinbase, and Coinsquare all seem afraid when it comes to staffing. Speaking about dismissing the support staff in the bear markets, Kraken’s Austin Alexander said that the delicate nature of the space makes it challenging to manage the support staff.
Vice President of a significant crypto-exchange at the MCC2019, said that a few market players tried to make changes in the field and then went on to stick with the traditional rules. He entitled these competitors as big boys who want to neglect the existing crypto exchange platforms.
Alexander further added, There’s a lot of competition among all the players but, it is very healthy. He mentioned that, If you look at the reality though I think this has been more widely known legitimate exchanges.
If you go to the coin market, the legitimate volume of exchanges out of the list of thousand cap and scroll exchanges is very less. And, most of them are bullsh*t.
As per Alexander’s observation of the market, he cited that the only few and handful of exchanges exhibit real volume.
Speaking more on the staffing problems, Alexander added that nobody in the crypto-exchange firms predicted the unusual activities during the final quarter of the financial year 2017 and the first quartFFer of 2018.
Bitfinex performed well, but they had their shortcomings.
Showcasing the same sentiments, Miha Grcar, the head of business at Bitamp’s. He remarked, these players will collapse very soon, if they kept on witnessing the massive load of activity that has been there in quarter 4 of the financial year 2017, he further concluded that most people had no idea about bitcoin and we need to educate people.