Sergey Vasylchuk, CEO of Ukraine-based decentralized strike provider Everstake, said the company would continue to hire crypto-professionals amid a market downturn and ongoing conflict in the country.
In a Wednesday Twitter thread, Vasylchuk said Everstake has hired 30 people since the start of the Russian war against Ukraine in February, and the firm still has more than 10 positions in marketing and development to fill. According to the CEO, Everstake is “firing no one” and has made preparations for a “special fund” to shake up the firm in the event of a bear market.
“An important part of doing business is assessing and addressing all potential risks,” Vasylchuk said. “We could not help but expect another market crash simply because risk management stipulates that one should always expect things to go south.”
1/8 I’m very sorry to hear that many of our fellow crypto companies are being forced to lay off people or at least freeze their rent as long as bears dominate the market. Despite this, @everstake_pool is to lay no one down. And there is a good reason for that.
– Sergei | Everstake (@sergattic) 15 June 2022
The Everstake CEO hinted that part of this preparation was due to the possibility that Russian forces would invade Ukraine. Vasylchuk said similar precautions taken in the event of a market downturn allowed the firm to let employees go – “although I have to admit we underestimated Terra’s risks,” he added – and the crisis in an event alter.
Many firms operating in the crypto space of the United States and around the world have reported downsizing as trillions of dollars have disappeared from the market over the past 30 days. Coinbase, Gemini and Crypto.com have announced that between 5-20% of their workers would be cut in the middle of the bear market, while Kraken said it would continues to appoint for more than 500 roles in various departments.
Related: FINRA can hire employees terminated from crypto-firms: Report
Together with Kuna, Everstake is a Ukraine-based crypto-space company that has coordinated with the local government to start a crypto-donation website aimed at military and humanitarian aid amid the conflict with Russia. Since the war began in February, the firm has helped accepts more than $ 100 million in donations in the form of non-spongy characters (NFTs) and major cryptocurrencies.