Singapore’s Coinhako to continue hiring ahead of expected crypto winter

Coinhako, a Singapore-based crypto exchange platform, said it will continue hiring amid a slowdown in the digital assets market.

Coinhako co-founder and CEO Yusho Liu / Photo credit: Coinhako

The firm said its current organizational structure goes well with its long-term growth plans, and it will continue to look for talent for multiple roles across various departments. Coinhako also said it’s currently operating at full capacity and providing users complete access to services and products

The announcement comes after several layoffs at different crypto firms in the past couple of months, with Coinbase cutting 1,100 jobs, Crypto.com laying off 260 staff, and BlockFi letting go of 170 employees.

Coinhako co-founder and CEO Yusho Liu told Tech In Asia that the crypto firm has various risk management strategies in place to cushion the blow from the ongoing bear market. “It helps that we have been establishing business continuity plans and are prudent in the company’s expenditure and use of funds,” he added.

Coinhako, which was founded by Liu and Gerry Eng in 2014, has not laid off anyone thus far – a rarity for firms in the crypto industry in the current environment. The company was recently awarded a major payment institution license by the Monetary Authority of Singapore, allowing the firm to operate as a regulated digital payment token (DPT) services provider.

With 400,000 Singapore-based users as of May, the crypto exchange saw a trading volume of US$5.1 billion in 2021.

See also: A who’s who of projects facing frostbite in the crypto winter