Ukraine-based crypto company Everstake intends to expand its workforce despite Russia’s invasion of the country and a bearish cryptocurrency market.
The company, a decentralized staking service provider, had prepared for the market crash well in advance, said Sergey Vasylchuk, founder and CEO of Everstake.
An important part of doing business is to assess and address potential risks and he had expected the crash, Vasylchuk said.
“The war in Ukraine is a good example. Before it broke out, it was a black swan, i.e. a highly unlikely event with severe consequences. But war can turn your business and yourself into a heap of ash. That’s why I decided to prepare for it, and, unfortunately, I was right,” Vasylchuk said in a series of Twitter threads.
A crypto market crash was as inevitable as winter and crypto players should have expected it, he added.
“Those who were euphoric during the bull run and weren’t preparing paid a huge price for having their heads in the clouds,” he said.
“We at @everstake pool were bracing ourselves in advance, though I must admit we underestimated the risks of Terra. We would have been much better off hadn’t it been for this whole story. But nonetheless, we have a special fund created to let us live through a bear market,” he said.
Vasylchuk said the company was not firing any employee, and on the contrary, was hiring.
“To be precise, we have hired 30 new employees since the onset of the war and have over 10 openings in marketing and development,” he said.
Everstake, along with crypto exchanges Kuna and FTX, had partnered with the Ukrainian government to launch a website where people could donate crypto to help the war-ravaged nation.
Around $100 million have been raised in the form of cryptos and digital tokens since the beginning of the war.
Several prominent crypto players have laid off employees to weather the current market conditions. Earlier this week, crypto exchange Coinbase announced it was slashing 18% of its workforce or around 1100 employees.
Cryptocurrency exchange Crypto.com announced it was laying off about 260 people, or 5% of its corporate workforce. Cryptocurrency lender BlockFi will reduce its staff by around 20%.
Earlier this month, crypto exchange Gemini cut 10% of its staff.