Blockchain.com Plans to Expand Workforce and Enter New Markets
Bitcoin exchange and infrastructure provider Blockchain.com has announced its plans to hire more staff and expand into Europe and emerging markets. The company aims to increase its workforce by 25% in the first quarter of 2024. Blockchain.com is also looking to tap into the markets of Nigeria and Turkey.
Past Workforce Reductions
In response to the crypto winter, Blockchain.com previously reduced its workforce by around 25% in mid-2022 and terminated an additional 28% of employees in January 2023.
European Expansion with New Hires
To facilitate its expansion in Europe, Blockchain.com has hired Curtis Ting, the former head of global operations at Kraken. Ting will be responsible for establishing the company’s new Paris hub and creating local entities across Europe. The goal is to obtain more local licenses as currently, all European operations are managed through a single entity based in London.
Gaining Market Share Amidst Competition Decline
Blockchain.com CEO Peter Smith sees the bear market as an opportunity to gain market share, estimating a decrease of 60-70% in competition compared to the end of 2021. He believes that many companies have retreated from certain markets or faced regulatory challenges.
Changes in Strategy: Shuttering Asset Management Division and Funding Round
In March, Blockchain.com decided to close its asset management division. However, in mid-November, the company closed a $110 million funding round led by UK-based Kingsway Capital.
Collaboration with TRON and Changelly
Blockchain.com recently announced collaborations with TRON and Changelly to integrate its Blockchain.com Pay solution. This mobile payments application utilizes the company’s liquidity and infrastructure.
Revolutionizing Decentralized Trading in Nigeria
In late November, Blockchain.com expressed its mission to revolutionize decentralized trading in Nigeria. The company integrated cross-chain swaps into its decentralized exchange aggregator, offering benefits such as enhanced liquidity, reduced slippage, and a wider variety of crypto assets for Nigerian traders.
Hot Take: Blockchain.com Seizes Opportunities Amidst Market Challenges
Despite the challenges faced by the crypto market, Blockchain.com is taking advantage of the situation by expanding its workforce, entering new markets, and seeking collaborations. By adapting its strategy and focusing on growth opportunities, the company aims to strengthen its position in the industry and provide cutting-edge crypto trading tools to users around the world.
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