Everstake has established plans for a “special fund” to tide the company over in the case of a bear market, according to the CEO.
We’re Still Hiring – Ukraine-based Exchange CEO
Despite the market slump and ongoing unrest in Ukraine, Sergey Vasylchuk, CEO of decentralized staking service Everstake, has stated that the company will continue to hire crypto specialists.
Vasylchuk stated in a Wednesday Twitter thread that Everstake had employed 30 individuals since the Russian conflict against Ukraine began in February, and that the company still needed to fill more than ten marketing and development roles. Everstake is “not firing anybody,” according to the CEO, and has set up a “special fund” to keep the company afloat in the case of a bear market.
“An important part of doing business is assessing and addressing all potential risks. We couldn’t help but expect another market crash simply because risk management dictates that one must always expect things to go south.” CEO of Everstake, Vasylchuk stated.
Part of this planning, according to the Everstake CEO, is due to the prospect of the Russian military invading Ukraine. Similar safeguards made in the event of a market collapse, according to Vasylchuk, let the company avoid laying off staff — “though I must admit, we underestimated the risks of Terra,” he added — and convert the crisis into an opportunity.
“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.” He said in the thread.
As trillions of dollars have fled from the market in the previous 30 days, many crypto enterprises from the United States and around the world have announced downsizing. During the down market, Coinbase, Gemini, and Crypto.com indicated that between 5 and 20% of their employees will be laid off, while Kraken said it would continue to hire for more than 500 positions across several departments.
Everstake, like Kuna, is a crypto firm established in Ukraine that has collaborated with the local government to launch a crypto donation website for military and humanitarian relief during the crisis with Russia. Since the beginning of the conflict in February, the firm has assisted in the acceptance of more than $100 million in non fungible tokens (NFTs) and major cryptocurrencies.
