Strategic Expansion Despite Industry Trends
Tether’s decision to expand its workforce stands in stark contrast to the broader trend of layoffs in the tech and crypto industries. The company, which currently employs about 100 people, has been operating with a lean team but is now looking to bolster its ranks as it navigates a rapidly evolving market. Ardoino emphasized the importance of maintaining a streamlined workforce while focusing on hiring senior professionals who can bring expertise in cryptocurrency industry standards.
“We are very proud of the fact that we are very lean and we want to remain lean because we want to be flexible,” Ardoino said. “We are very careful when we hire people, we hire only senior people,” he added, highlighting the company’s commitment to quality over quantity in its hiring practices.
This expansion comes on the heels of a record-breaking financial performance for Tether. In the first half of 2024, the company reported a staggering $5.2 billion in profit, with $1.3 billion in net operating profit achieved in June alone. These results underscore the company’s strong position in the market and its ability to grow even in a challenging economic environment.
A Broader Reversal in Crypto Layoffs?
Tether’s workforce expansion could be indicative of a broader reversal in the trend of layoffs that has plagued the cryptocurrency industry this year. According to data from Layoffs.fyi, over 126,000 jobs have been lost across 393 tech companies in 2024. However, recent developments suggest that the tide may be turning.
Other major players in the crypto space, such as Coinbase, Binance, and Crypto.com, have also been hiring in recent weeks. Coinbase, for instance, has posted numerous job openings on LinkedIn, including positions for communications specialists, HR roles, and talent engagement specialists. Binance, another industry leader, has advertised global job opportunities, while Crypto.com appears to be on a hiring spree as well.
These hiring trends have sparked speculation that the wave of layoffs in the crypto industry may be reversing.
Tether’s Commitment to Stability and Growth
Tether’s expansion plans are not just about increasing headcount—they are also about enhancing the company’s capabilities in critical areas. The firm is placing a particular emphasis on growing its compliance and finance teams, signaling its commitment to maintaining a robust and secure operation in an industry that is often under scrutiny.
In the same interview, Ardoino expressed his distaste for the common practice among Silicon Valley companies of hiring en masse during bull markets only to lay off employees when the market turns. “There is nothing that I hate more than all those companies, especially Silicon Valley companies, that hire hundreds of people during the bull runs to fire them as soon as there is a downturn in the market,” Ardoino said. “That I think is one of the most unfair things you can do to employees.”
Tether’s approach to hiring reflects a long-term strategy that prioritizes stability and sustainability over short-term gains. The company’s focus on careful, strategic hiring is intended to ensure that it remains agile and responsive to market changes, while also providing a stable environment for its employees (no pun intended).
Looking Ahead: The Future of Tether and the Crypto Industry
The broader industry will be watching closely to see if Tether’s expansion signals a lasting shift in the job market for crypto professionals. As more companies begin to hire again, it could mark the beginning of a new phase of growth and innovation in the web3 space, even as economic uncertainties loom.
Interested in working for Tether? Checkout their Careers page, here.
