Cryptocurrency exchanges like Bithumb, Coinbase, and Coinsquare have all undergone a phase of lay-offs. Talking about dismissing support staff from exchanges in the bear market, Kraken’s Austin Alexander stated that the unique and volatile nature of the space made it difficult to maintain the staffing aspect.
The Vice-President of the leading crypto-exchange, in a recent trading panel at MCC 2019, asserted that a few traditional market players made a foray into the field and tried to copy paste the traditional rules, but failed while doing so. He called these players “big boys” who tried to “move aside” the existing crypto platforms.
Alexander went on to say that,
“There is a lot of competition, but it’s very healthy. If you look at the reality though I think this has just kind of been more widely known but there’s very few like legitimate exchanges with legitimate volume out there if you go to coin market cap and scroll down the list of a thousand exchanges, you know literally 990 of them are all bullsh*t. “
He further cited that only a handful of exchanges exhibit real volume. In terms of staffing levels, the Vice-President said that nobody in the crypto-space predicted the unprecedented activity during the last quarter of 2017 and the first quarter of 2018. Alexander went on to say that Bitfinex performed well, but had their shortcomings.
Echoing a similar sentiment, Miha Grcar, Bitstamp’s head of business, remarked that these players would collapse in the second day of its operation if they witnessed the massive load of activity that was seen in the Q4 of 2017. Grcar also pointed out that most people had not heard about Bitcoin and added that the focus should be on educating people.
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