Recently, there has been news of layoffs and hiring freezes across the crypto industry. Some of the most prominent exchanges have reduced their headcount and rescinded job offers amidst the bear market. Exchanges in the process of downscaling cite various reasons, including overexpansion and unsustainable growth.
It’s somewhat surprising that crypto companies are downscaling during the current market because you’d expect their long-term strategies to consider market swings. This bear market is not the first rodeo for many of them. But, while several companies are reducing, others are taking the opportunity to expand and evolve.
Taking on Globalization During the Bear Market in Stride
Gate.io, one of the leading cryptocurrency exchanges, is among the companies looking to accelerate its globalization-focused strategy. The exchange, which has accumulated a userbase in the millions and offers regulatory-compliant services across most regions, aims to tap into new demographics and seed mass adoption.
Focus on the Long-term Potential
Gate.io is no stranger to bear markets, having been around the space since 2013. It’s had nine years to refine and evolve its strategy, surviving and expanding through several crypto winters. Based on “longtermism,” as Gate.io Founder and CEO Han Lin put it, its strategy appears to be more forward-looking.
“Cryptocurrency and blockchain have immense potential to redefine finance and how we interact online. Its impact becomes more obvious as adoption accelerates. Despite the market’s rough waters, we must look forward. Gate.io will continue to pursue expansion in new key regions and provide accessible, innovative, and leading services that cater to the needs of new and existing traders.”
Keeping its eye on the long-term, the exchange sees cryptocurrency and blockchain as technologies that will revolutionize finance and the digital world. Gate.io has made it clear that market slowdowns will not halt its efforts to reach new users with leading services and help speed up mass adoption.
The Cautious Yet Ambitious Approach
Crypto adoption has continued to increase throughout its decade-long history, going from exclusive usage by cryptography enthusiasts to legal tender in several countries. As a result, the use cases for cryptocurrency are constantly evolving, and as they grow, so will adoption, though adoption rates vary widely by region or country.
Gate.io is aiming at several vital locations experiencing increased crypto usage among populations and recently revealed the expansion of existing localized teams in Brazil, Turkey, India, and Vietnam.
Unlike others in the industry, Gate.io’s talent acquisition efforts seem unaffected by the bear market. As several others in the industry have been reducing in size, the pool of available and experienced talent has grown. The exchange is capitalizing on this, accelerating its hiring of professional talent as they flow into the job market from competitors. Although, based on job postings online, the exchange is hiring at nearly all levels and seeking all types of talent.
“Working with regulators to meet compliance requirements is a key consideration in our global expansion strategy. We will monitor and navigate the developing regulatory environments of each region to assess current and potential regulations. We want to be there for our users in the future, not just the present.”
The exchange’s efforts to meet emerging compliance requirements and regulations reinforce the ambitious global expansion strategy. Users want a platform they can rely on long-term. As a result, Gate.io is taking cautious approaches when entering new regions, ensuring that it follows existing laws and guidelines and assessing future regulations to be met. Gate.io has focused particularly on compliance in Turkey, Japan, and Brazil.
Building Avenues for Mass Adoption
Leading exchanges are often the first place new adopters go, providing secure platforms with trading tools that lower the barrier to entry for new crypto users. Gate.io recognizes its role in accelerating mass adoption, especially the need for globalization to reach broader audiences.
As new crypto users enter the market, they seek out leading platforms such as Gate.io. The exchange is among the largest in asset selection, trading tools, and volume, boasting a high level of security with no user asset compromises.
Furthermore, the exchange is increasing its offerings to provide a rich ecosystem of Web3 products. Many hot technologies attracting new crypto users, such as NFTs, DeFi, GameFi, and the Metaverse, can be found within the exchange and GateChain, Gate.io’s public blockchain.
The Mutualism of Globalization
The role of exchanges in accelerating mass adoption is a two-way street. In accelerating its global strategy, Gate.io aims to bolster its presence through increasing exposure and the accessibility of its leading services, opening avenues that attract new users. Furthermore, Gate.io has made clear that market downturns are not getting in the way of its globalization efforts, and it will continue to focus on the future potential of cryptocurrency.