Sustainable Growth with FTX

Despite crypto market conditions, FTX has focused its growth around sustainable hiring to ensure that we can keep building no matter the circumstances.

Many cryptocurrency companies are pausing their hiring efforts, but the FTX team is continuing to grow. 

On February, 2022, our CEO Sam Bankman-Fried shared with the company that we would “substantially slow down hiring for a bit.” While this might have appeared to some as a hiring freeze, that wasn’t the case. 

Instead, Sam wanted to ensure that each and every individual being hired had the chance to be properly mentored and assimilated into the company without hastily taking on more employees for the sake of output. He believes that output is maximized through investment in employees, not the number of them. 

Now, as many others in the space have had to freeze hiring or even rescind offers as the markets have cooled, FTX’s careful hiring strategy has allowed for us to maintain our employee base. In fact, we continue to be able to expand our hires in the same careful, deliberate manner.  

Even though slightly slowing the pace of hiring at FTX may have seemed counterintuitive given the fast-paced nature of the crypto bull market, our CEO saw the importance in hiring sustainably to maximize the quality of output being produced by each employee. 

Hiring at a Sustainable Rate  

One of the most common criticisms that FTX received from venture capital investors last year was the fact that its workforce was not growing fast enough. At the time, FTX had about 200 employees while investors were expecting a team of 2,000 based on the growth in FTX’s business. But to our CEO, a higher headcount does not necessarily translate to greater productivity. 

The key, according to Bankman-Fried, lies in ensuring two things: 

  • Ensuring time for mentorship with new hires; 
  • Ensuring productivity increases with new hires.

Instead of hiring rapidly and anticipating significant continuous team growth, hiring should be done carefully and selectively by picking responsible hires that can maximize output and help scale the company. 

Most importantly, by focusing on making the company a fantastic place by carefully vetting each new hire, FTX naturally attracts employees who are there to take responsibility and help build.

FTX Continues to Grow  

Because FTX hires carefully in bullish and bearish market conditions, the team is able to keep growing consistently regardless of the market conditions. FTX will continue to scale, expand its market share, increase revenue, and pursue new hires at a sustainable rate.

FTX is currently increasing its headcount by about 50% year over year with a team of 300 employees today, all while continuing to expand its presence in the cryptocurrency industry and its share of the global crypto markets.

 

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Figure 1: FTX's share of global trading volume 

FTX is also focused on ensuring sustainability for humanity and the planet. With effective altruism as a focus for the entire team, FTX works to maximize the amount of good that it can bring to the world through its growing business efforts. 

FTX will continue to push forward and deliver great products by focusing on investment in their employees and humanity’s long-term sustainability. Consider joining the FTX team by looking at current job openings. 

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