Nexo is hiring, says its growth is ‘organic’

Despite the market conditions and the swelling contagion fears, Nexo is marching on with its growth ambitions. 

Nexo says its plans to hire more staff amid the current bear market is due to its business model. Per the firm, its operations follow a model “designed with sustainability in mind. As such, the platform continues to experience growth, “even, and especially, now.” It said via its official Twitter account:

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We are not spoiled by VCs, Hollywood actors & sports teams – we did it organically on our own.”

Again, the firm notes that the current market conditions are but a time to HODL and build.

Earlier today, Nexo looked to assure its customers and users that it’s business was safe from all the potential contagion likely tied to Three Arrows Capital (3AC).

Some hiring, others firing

Crypto exchange Binance also announced plans to hire more staff, revealing 2,000 open positions. FTX also revealed plans to hire more staff last week. 

However, other companies are not reading from this script, with Coinbase announcing an 18% jobs cut to mirror BlockFi’s move to fire 20% of its employees. Several other crypto firms have released employees amid the price meltdown.

Bears continue brutal assault on prices

The crypto industry has seen a major sell-off as the bear market takes hold amid several macro indicators.

Bitcoin has lost more than 32% of its value in the past 24 hours, to trade around $21,270 at the time of writing. The top cryptocurrency has fallen nearly 70% from its all-time high.

And projects backed by the embattled 3AC, such as Avalanche (AVAX), Polkadot (DOT) and even Ether (ETH), have taken a merciless beating from bears. Currently, all three are more than 40% down over the past month alone.

AVAX is 89% down from its all-time high in November last year, while DOT has shed more than 86%. ETH, which traded at over $4,800 at ATH, is down to around $1,100 (77% down since the 2021 all-time peak).

NEXO, the native token of the Nexo ecosystem, has also had it rough. Currently, it is trading at $0.71, down more than 40% in the past seven days and over 82% off its $4.07 ATH reached in May 2021.