Shalini Nagarajan

Despite an on-again-off-again de facto ban imposed by Beijing, individuals in China continue to deal with cryptocurrencies.



A recent study conducted by crypto derivatives exchange Bitget across 20 countries found that China displayed the highest level of engagement with cryptocurrencies.&nbsp;



Conducted from May 2023 to Aug. 2023, the research engaged over 1,500 participants from countries including Europe, China, Japan, South Korea and Turkey.



The <a href="https://drive.google.com/file/d/1CWmB1jW-6uxH3dhP3TfltXHQxJstUncY/view">report</a> published on Thursday revealed that 18% of investors based in China allocated funds ranging from $50,000 to $100,000, while an additional 19% invested amounts between $100,000 and $500,000 in cryptoassets.



This insight into their trading activity backs the notion that some portion of China’s population is ignoring Beijing&#8217;s ban imposed in Sept. 2021.



China <a href="https://blockworks.co/news/cryptos-decline-as-china-doubles-down-on-regulations-markets-wrap">effectively said no to crypto transactions</a>, committed to eliminate digital asset mining and labeled services from offshore exchanges as illicit financial activity.&nbsp;



Despite all that, some traders <a href="https://blockworks.co/news/many-exchanges-in-china-continue-to-operate-otc-desks-despite-ban">found ways to keep trading</a> using over-the-counter platforms and offshore exchanges.



Nonetheless, the crypto trading ban has had a significant impact.&nbsp;



In a recent <a href="https://blockworks.co/news/hong-kong-crypto-revival-china-ban-chainalysis">report</a>, Chainalysis pointed out that East Asia has seen a notable decline in crypto activity, with diminished trading volumes observed in both Hong Kong and China when comparing data from 2021 and 2022.



The report underscored a substantial reduction in crypto transaction volume in China.



From July 2022 to June 2023, China reported a total of $86.4 billion in crypto transaction volumes, far lower than the nearly $225 billion recorded during the same period in the previous year.



<h2 class="wp-block-heading">Contrasting investment habits across surveyed countries</h2>



In contrast to China, users in Europe, Turkey, and South Korea demonstrate relatively lower levels of engagement in terms of the amounts they invest.



Bitget&#8217;s findings indicate that 51% of European users, 49% of Turkish users, and 46% of South Korean users allocated their investments within the range of $1,000 to $10,000.



The study also found that gender plays a role in financial goals. In South Korea, 49% of female users and in Japan, 41% of female users invest in crypto to improve their financial situation, compared to 45% and 30% for males, respectively.&nbsp;



Additionally, around 27% of female investors in Turkey and the US were found to use crypto to fund their children&#8217;s education.



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Crypto investors still active in China, many allocating over $100k: Bitget

Sebastian Sinclair

Several exchanges popular throughout Asia have updated their terms of service, tightening know-your-customer (KYC) protocols ahead of upcoming regulatory changes across the region.



Seychelles-based Bitget said Sunday it was updating its KYC measures in a bid to comply with requirements, including the city-state’s recently updated guidelines for banks.



Directives from the Monetary Authority of Singapore (MAS) — both a central bank and regulator — are advising financial institutions to put in place appropriate <a href="https://blockworks.co/news/on-chain-monitoring-risk-management">risk management procedures</a>.&nbsp;



It comes as MAS shut down Digital Payment Token (DPT) service providers from “facilitating lending and staking of DPT tokens by their retail customers,” <a href="https://blockworks.co/news/singapore-thailand-ban-crypto-staking">Blockworks previously reported</a>.



As such, Bitget, alongside KuCoin and OKX — considered to be some of the more popular platforms for Asia-based crypto traders, including Singapore — is advising users to update their KYC verification ahead of next month.



“Starting from Oct. 1, users who have not completed level 1 KYC verification will only be able to withdraw, cancel orders, redeem subscriptions and close positions, being restricted from creating new trading orders,” the exchange said.



KuCoin and OKX, both headquartered in Seychelles following China’s crackdown on digital assets in 2017, have also recently updated their KYC policies. Bitget currently ranks 16th among exchanges ranked by trading volume over a 24-hour period, Coingecko data <a href="https://www.coingecko.com/en/exchanges">shows</a>. OKX and KuCoin rank 7th and 22nd respectively.



While KuCoin had implemented KYC on its platform back in 2018, the exchange said it has strengthened its identity verification procedures — with users needing to upload documents and complete face checks. The changes are expected to take effect at the <a href="https://www.kucoin.com/support/360015102254">end of this month</a>.



OKX, which also updated its terms last week, said users would need to submit a selfie using a government-issued ID — to be stored by the exchange — in order to use all its services.



While Singapore represents the clearest jurisdiction digital asset service providers are shifting focus towards, it isn’t the only one.&nbsp;



Earlier this year, Japan <a href="https://blockworks.co/news/japan-crypto-anti-money-laundering-rules">sought to tighten anti-money laundering measures</a> designed to better track crypto transactions, answering calls from other countries.



Also, starting next year, South Korea&#8217;s <a href="https://blockworks.co/news/financial-statements-must-include-crypto-south-korea-regulator">Financial Services Commission</a> will require companies to include details about their crypto holdings, anticipated value, and related business models in their financial statements to align crypto accounting with conventional financial reporting.



All measures point towards a tightening regulatory environment across the region, with crypto service providers adhering to, or seemingly positioning for, changes long-overlooked by financial officials.



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Regulatory landscape across Asia prompts exchanges to enhance KYC measures

Ben Strack

Crypto derivatives platform Bitget has decided to limit its use of artificial intelligence (AI) tools like ChatGPT. 



The move came after the company — including its traders — said they uncovered problematic results stemming from the technology’s usage.&nbsp;



A survey conducted by Bitget found that crypto traders in 80% of cases had a negative experience using the AI chatbot, the company told Blockworks on Monday, citing false investment advice and other misinformation.&nbsp;&nbsp;



Gracy Chen, a managing director at <a href="https://blockworks.co/tag/bitget" target="_blank" rel="noreferrer noopener">Bitget</a>, said the company is looking to prioritize “a blend of human expertise and technological innovation” as society’s understanding of AI tools needs more time to mature.



“The crypto landscape is complex and ever-changing; it requires keen human insight and intuition to navigate its many twists and turns,” Chen said. “AI tools, while robust and resourceful, lack the human touch necessary to interpret market nuances and trends accurately.”



OpenAI — an AI-focused research lab co-founded in 2015 by Peter Thiel, Elon Musk and Greg Brockman — <a href="https://openai.com/blog/chatgpt">introduced</a> ChatGPT in November. A spokesperson for OpenAI did not immediately return a request for comment.&nbsp;



Bitget has used the technology to handle routine customer inquiries. Though initially impressed by its ability to analyze and compile information, Chen said, language models used in ChatGPT have access to outdated information.&nbsp;



The company found, for example, that ChatGPT still considers FTX to be “a reputable and feature-rich” crypto exchange.&nbsp;



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1420" height="1110" src="https://blockworks-co.imgix.net/wp-content/uploads/2023/05/image-14.png?w=1024&amp;h=1024" alt="" class="wp-image-56591" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2023/05/image-14.png?w=1420 1420w, https://blockworks-co.imgix.net/wp-content/uploads/2023/05/image-14.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2023/05/image-14.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2023/05/image-14.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2023/05/image-14.png?w=329 329w, https://blockworks-co.imgix.net/wp-content/uploads/2023/05/image-14.png?w=334 334w, https://blockworks-co.imgix.net/wp-content/uploads/2023/05/image-14.png?w=280 280w, https://blockworks-co.imgix.net/wp-content/uploads/2023/05/image-14.png?w=80 80w" sizes="(max-width: 1420px) 100vw, 1420px" /><figcaption class="wp-element-caption">Courtesy of Bitget</figcaption></figure>



<h2 class="wp-block-heading">Bitget’s latest AI move&nbsp;</h2>



“In our journey with ChatGPT, we’ve learned that AI tools are only as effective as their latest update, training, and the data they’ve been fed,” Chen told Blockworks in an email. “They may not always be abreast of the latest developments or understand the subtleties of a dynamic and often volatile crypto market.”



Bitget’s move comes after the exchange last month partnered with AI blockchain platform Fetch.ai — when the exchange pledged $10 million to back the Fetch.ai ecosystem.



The company has a decentralized network of autonomous agents that can perform data analysis and financial modeling. Fetch.ai also offers a smart wallet featuring automation and integration with OpenAI&#8217;s GPT application programming interface (API).



Bitget’s partnership with Fetch.ai remains in place, a Bitget spokesperson said.&nbsp;



Other crypto exchanges have started to dabble in AI technologies.&nbsp;



Crypto.com last month launched Amy as a pilot AI companion tool. Though Amy’s underlying technology is based on ChatGPT, the company is training Amy to offer helpful responses to industry-related questions in particular.



Abhi Bisarya, Crypto.com’s global head of product, <a href="https://blockworks.co/news/crypto-com-ai-exchanges" target="_blank" rel="noreferrer noopener">told Blockworks in an interview last week</a> that AI initiatives will be “game-changing” for the industry. 



AI tools still have a place in crypto, Chen said, particularly for basic queries or simplifying complex topics.&nbsp;&nbsp;



“However, they should not be seen as a replacement for professional financial advice or independent research,” Chen said. “It&#8217;s essential to remember that these tools, while powerful, are not infallible.”



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Bitget Curtailing ‘Misinformation’ Potential of ChatGPT, AI

James Cirrone

Ripple has had a big week, to say the least.&nbsp;



In the SEC’s case against Ripple, a judge will soon decide whether <a href="https://blockworks.co/news/inside-ripple-defense-strategy" target="_blank" rel="noreferrer noopener">Ripple’s “fair notice” defense is valid</a>. The company has been claiming for over two years that it could not have registered its XRP token, due to the lack of a clear definition from the SEC regarding the classification of cryptocurrencies as securities or commodities.



In the same case, <a href="https://blockworks.co/news/ripple-sec-hinman" target="_blank" rel="noreferrer noopener">Ripple notched a victory</a> by getting the Hinman speech documents unsealed. These documents reportedly showed that the agency did not classify ether as a security at the time when the speech in question was delivered by former SEC official William Hinman over four years ago.



A day after the Hinman ruling, <a href="https://blockworks.co/news/ripple-acquires-metaco" target="_blank" rel="noreferrer noopener">Ripple announced it was acquiring Metaco for $250 million</a> in a likely play to move its business toward crypto custody.&nbsp;&nbsp;



In response, <a href="https://blockworks.co/price/xrp" target="_blank" rel="noreferrer noopener">XRP</a> has spiked nearly 8% in the last seven days.&nbsp;



Ripple has now added experienced financial executive Warren Jenson to its board of directors. Jenson served as the CFO for four different multi-billion dollar companies over the past 30 years, including Amazon, Delta Airlines, Electronic Arts and Nielsen.



Jenson expressed his enthusiasm at joining Ripple saying, “I’m excited to join Ripple at a pivotal time when cryptocurrency and blockchain technologies are increasingly becoming integrated into financial services,” according to a statement provided by Ripple. “For cryptocurrency to successfully deliver on its potential to revolutionize traditional financial infrastructure, companies in the space must prioritize transparency.”



He will join three fellow board members, including President Barack Obama’s US Treasurer Rosie Rios, former JPMorgan Chase executive Sandie O’Connor and Managing Director of Albright Stonebridge Group Michael Warren.&nbsp;



<h2 class="wp-block-heading">Bitget still on the hunt for employees</h2>



Bitget wants more jobs filled on its global team, according to the company’s first quarter 2023 transparency <a href="https://www.bitget.com/en/blog/articles/bitget-transparency-report-quarter-one-twenty-twenty-three">report</a>. The crypto exchange reiterated <a href="https://blockworks.co/news/crypto-talent-hiring-now" target="_blank" rel="noreferrer noopener">its call in late April to fill 300 roles</a>.&nbsp;



“We still have 300 openings in R&amp;D, compliance, BD, operations and customer support,” the May 17 report said.



Less than a month later, the report shows that little progress has been made toward that goal, although Bitget did double its workforce in 2022 to 1,300 employees.



Blockworks previously reported that <a href="https://blockworks.co/news/bitget-rolls-out-200m-protection-fund-to-safeguard-users-crypto" target="_blank" rel="noreferrer noopener">Bitget introduced a $200 million protection fund</a> in August 2022. This fund aims to safeguard investors from potential hacks and thefts, and custodies both bitcoin and tether.



<h2 class="wp-block-heading">Other notable hires</h2>



<ul>
<li>Australian bitcoin miner Mawson Infrastructure Group hired Sandy Harrison as the Vice President of Investor Relations. Among other things, Harrison will be responsible for the company’s engagement strategy on ESG initiatives.&nbsp;</li>



<li>Shima Capital, a Web3 venture capital firm, <a href="https://finance.yahoo.com/news/yida-gao-welcomes-cfo-brandon-210100503.html?guccounter=1&amp;guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&amp;guce_referrer_sig=AQAAAA-KgDEKxs5vH2SkTNwVGNJyWyOYEvoriWZPoAIHUX4UP2Hq_dhV99Sj9FXISDujbxghDrWJjO-XERb1_skr_rBJhZFT7n-V91OzeUiO2Q6Pg0-Y4agBAFfVnf1j0nQLoNQrkO_Go2r446M8Tg6j5Q67AmlHWmN6lgyG4lwmypXT">brought on Brandon Stahl as its new Chief Financial Officer</a> in April and announced the move this week.&nbsp;</li>
</ul>



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Crypto Hiring: Ripple Gets a New Board Member With Priors at Amazon and NBC

Companies across crypto are more determined than ever to hire experts and hold onto top talent after a brutal year.



With a long-term vision of the industry’s potential, many firms (even non-crypto natives) are looking to expand their services by bringing in crypto, decentralized finance and blockchain specialists.



All this while industries around the world, especially the tech sector, have been hit with wave after wave of layoffs. Many skilled workers are left searching for their next move.&nbsp;



Here are some companies that have several crypto and blockchain-related job openings:



<h2 class="wp-block-heading">Bitget</h2>



Crypto exchange Bitget doubled its workforce to 1,300 in the last year. It says it built its business strategy with potential negative scenarios in mind.



The company is ambitiously expanding into emerging markets like Africa and Latin America, providing exciting opportunities for local experts. With regional centers already established in Asia and Latin America, it’s now eyeing talented individuals to join the team.&nbsp;



Currently, more than 36 open job positions are listed on <a href="https://www.linkedin.com/jobs/search/?currentJobId=3569715892&amp;f_C=69884978&amp;geoId=92000000&amp;keywords=bitget&amp;location=Worldwide&amp;refresh=true">LinkedIn</a>, but a representative for the firm said 300 positions are open with a major focus on user experience, compliance and Web3 careers.&nbsp;



<h2 class="wp-block-heading">Wintermute</h2>



Wintermute is an algorithmic trading firm that provides liquidity to crypto markets.&nbsp;



It also provides market-making services and teams up with exchanges and other market participants to boost liquidity into the crypto ecosystem.&nbsp;



Recruitment platform <a href="https://jobs.lever.co/wintermute-trading">Lever</a> shows the firm has at least 15 open job postings based in London and Singapore.



<h2 class="wp-block-heading">Sky Mavis</h2>



Axie Infinity creator Sky Mavis is on the lookout for top-notch experts in game development, blockchain engineering and marketing to join their team.&nbsp;



The video game developer has nearly 30 open positions in Vietnam, Singapore and the US, according to hiring platform <a href="https://apply.workable.com/sky-mavis/?lng=en">Workable</a>.



<h2 class="wp-block-heading">Uniswap</h2>



Uniswap, Ethereum’s top decentralized exchange, is one of the most popular DeFi protocols.&nbsp;



Since 2018, the platform has serviced the crypto ecosystem with a user-friendly dapp for token swaps.&nbsp;



Uniswap is currently on the hunt for talented individuals who can help them stay ahead of the curve, and <a href="https://www.linkedin.com/jobs/uniswap-labs-jobs-worldwide/?currentJobId=3584657543">LinkedIn</a> shows at least 12 open job positions in engineering-based roles.



<h2 class="wp-block-heading">MultiversX (formerly Elrond)</h2>



Blockchain platform MultiverseX, which rebranded from Elrond in late 2022, is eager to keep building out metaverse infrastructure.



MultiverseX is looking to expand its ecosystem and forge new partnerships, which means exciting career opportunities for professionals with expertise in blockchain development.&nbsp;



The firm’s <a href="https://multiversx.com/careers">website</a> shows at least 15 open positions in backend and frontend development, business development, marketing and UI/UX design.



<h2 class="wp-block-heading">Deloitte</h2>



Multinational professional services firm <a href="https://blockworks.co/tag/deloitte" target="_blank" rel="noreferrer noopener">Deloitte</a> provides services including consulting, audit, tax and advisory services to clients across industries.



It’s known for its expertise in financial and risk management and digital transformation. The ‘Big Four’ auditor currently has <a href="https://blockworks.co/news/deloitte-crypto-hiring-spree">331 open job positions</a> on LinkedIn, including tax advisory services.



<h2 class="wp-block-heading">EY</h2>



Fellow accounting giant EY similarly offers consultancy services like audit, tax compliance, transaction advisory and performance improvement.&nbsp;



The company has an extensive selection of job openings for blockchain-related positions in China, Hong Kong, the US and Spain, as stated on its <a href="https://careers.ey.com/ey/search/?q=blockchain&amp;startrow=25">website</a>.



<h2 class="wp-block-heading">Ripple</h2>



San Francisco-based Ripple, the blockchain tech company that constantly makes headlines about its <a href="https://blockworks.co/news/sec-court-win-weakens-ripple-argument">ongoing legal battle with the SEC</a> over <a href="https://blockworks.co/price/xrp">XRP</a>, has strategically expanded into the Asian market, particularly in Japan, South Korea and Thailand.&nbsp;



It currently has more than <a href="https://ripple.com/careers/all-jobs/">55 open job listings</a> in Toronto, San Francisco, Bangalore, London and Singapore.



<h2 class="wp-block-heading">Coinbase</h2>



Coinbase is also in <a href="https://blockworks.co/news/coinbase-warns-sec-litigation">hot water with the SEC</a> over potential violations of securities laws.&nbsp;



But that hasn’t stopped the top US crypto exchange from wanting to grow, as the company has almost <a href="https://www.coinbase.com/careers/positions">60 job listings</a> up for grabs — and many of them are in engineering.



<h2 class="wp-block-heading">Binance</h2>



Binance, the world’s largest crypto exchange by trade volume, recently got into trouble for failing to register properly with US financial authorities.&nbsp;



However, the crypto exchange still has over <a href="https://www.binance.com/en/careers/job-openings">380 job listings</a> up for grabs in locations around the world.&nbsp;



A bunch of the open roles are in legal and compliance.



<h2 class="wp-block-heading">How to break into the Web3 job market</h2>



It’s good to know which skills are in high demand. Front-end wizards with a knack for HTML, CSS and JavaScript are a hot commodity, according to Tyler Feinerman, global head of talent at crypto-focused comms agency Wachsman.



And those who can navigate the complex world of Solidity, Node.js, Python, Go, Rust and Scala are worth their weight in bitcoin.



User experience developers are also some of the most sought-after candidates in the industry right now. Many companies — both Web2 and Web3 — have realized clunky interfaces turn away many users.



“As the industry gets progressively crowded, user experience has become a differentiator for crypto-native companies and corporations venturing into the space,” Feinerman said.



She warned that some companies may be struggling to identify and properly evaluate talent, and may end up overlooking star candidates in the process.



So, ready to take the plunge? Don’t let fear of the unknown hold you back.



“The reality is, we are all learning and we are still only at the very beginning. Dive in head-first, accept that there will be a steep learning curve and embrace the inevitable challenges along the way, because it is genuinely such an exciting space to be part of,” Feinerman said.



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No Bear Market for Crypto Talent: These 10 Companies Are Hiring Now

Bitget has been trying to reassure current and potential customers who are losing faith, fast, in digital assets. But the cryptocurrency exchange is taking a questionable route.



Bitget Managing Director Gracy Chen last week cited consumers’ trust reaching a nadir — spurred by “collapses of a few crypto giants this year” — as rationale for ramping up marketing and product efforts.



Consider what the company called its <a href="https://www.prnewswire.com/news-releases/bitget-launches-major-campaign-with-messi-to-reignite-confidence-in-the-crypto-market-301687422.html" target="_blank" rel="noreferrer noopener">Nov. 26 press release</a> breaking things down: “Bitget launches major campaign with Messi to reignite confidence in the crypto market.” As if a marketing campaign with the soccer star (the rest of the world calls it football, I know) would somehow make the exchange more trustworthy…?



Lionel Messi is among the world’s greatest athletes. He has scored two goals in the first three games of this year’s FIFA World Cup, helping Argentina advance past the group stage.



But how much does Messi know about crypto? This is a business deal for him, and his decision to endorse a crypto brand does not necessarily bestow confidence in a particular company or crypto more broadly.&nbsp;



In fact, Messi several years ago <a href="https://www.youtube.com/watch?v=ej8-yQM7pYo" target="_blank" rel="noreferrer noopener">endorsed Finney</a>, a blockchain-enabled smartphone by Sirin Labs — run by Moshe Hogeg, who was arrested in 2021 for <a href="https://www.timesofisrael.com/alleged-dirty-dealings-and-sex-offenses-moshe-hogegs-long-history-of-deceit/" target="_blank" rel="noreferrer noopener">alleged sex crimes and cryptocurrency fraud</a>. Hogeg has denied these allegations.



<h3 class="wp-block-heading">FTX built trust through celebrities&nbsp;&nbsp;&nbsp;</h3>



Bitget’s plan to boost trust in crypto, in part, by getting a celebrity to endorse Bitget, signals the exchange has not been paying attention to recent events — or, worse still, has chosen to ignore them.&nbsp;



Why are Bitget’s marketing efforts especially relevant? Well, something big recently happened in crypto land to a company who had some of the world’s biggest celebrities behind it.



FTX was the best when it came to making deals with the world’s largest sports stars and other celebrities to endorse its brand. Tom Brady, <a href="https://blockworks.co/news/ftx-names-stephen-curry-a-global-ambassador" target="_blank" rel="noreferrer noopener">Steph Curry</a> and <a href="https://blockworks.co/news/ftx-inks-deal-with-mlb-star-shohei-ohtani" target="_blank" rel="noreferrer noopener">Shohei Ohtani</a> were FTX brand ambassadors, as was fashion model Gisele Bündchen. The company landed Larry David for <a href="https://www.youtube.com/watch?v=kkUXzqD8xUY" target="_blank" rel="noreferrer noopener">its Super Bowl commercial</a> that aired in February.&nbsp;&nbsp;&nbsp;



FTX <a href="https://blockworks.co/news/whats-next-for-ftx-and-its-customers-after-bankruptcy-filing" target="_blank" rel="noreferrer noopener">filed for bankruptcy</a> last month.



Perhaps celebrities do help persuade people to put their trust in crypto. Perhaps that was why FTX’s debacle stung so many.&nbsp;



<h3 class="wp-block-heading">Proper communications is important</h3>



I’m not naive enough to think companies, including crypto ones, will not utilize celebrities to endorse their brands going forward.&nbsp;



Binance, for example, unveiled an NFT collection with football star Christiano Ronaldo that became available Nov. 18. The company’s press release around the launch said the athlete’s collection was “aiming to give his fans an introduction to Web3 through the world of NFTs.”



But, for me, it truly was the title of Bitget’s press release — using a celebrity partnership to spur trust in the crypto space — that had me baffled.&nbsp;



Reading through the announcement, Messi does mention that “it’s reassuring to see Bitget taking this seriously with a series of protection initiatives.”



The last paragraph mentions Bitget’s launch of a $5 million “Builders&#8217; Fund” for users distressed by FTX’s crash. It also notes the company raising the size of <a href="https://blockworks.co/news/bitget-rolls-out-200m-protection-fund-to-safeguard-users-crypto" target="_blank" rel="noreferrer noopener">its Protection Fund</a> — designed to safeguard against hacks and theft — to $300 million last month.



But not mentioned are other measures Bitget is taking, such as its soon-to-be-shared <a href="https://www.bitget.com/academy/en/article-details/Transparency-as-a-priority-Bitget-shows-proof-of-reserves" target="_blank" rel="noreferrer noopener">Merkle Tree proof of reserves</a> in an effort “to promote complete transparency and comprehensive asset auditing.” Now, those could actually move the needle. That could be something worth trusting.



Learn more: <a href="https://blockworks.co/news/what-are-proof-of-reserves-and-can-they-build-back-trust" target="_blank" rel="noreferrer noopener">What Is Proof of Reserves and Can It Build Back Trust?</a>



Chen told Blockworks in a statement that the company also had various protective measures in place before FTX&#8217;s crash, including hot and cold wallet separation, a multi-signature wallet and zero-trust security architecture.



“We do all this to show the market that in the world of crypto, companies with real strength are immune to the rocky market, and when facing adversity, it is the best time to focus inwards and keep building,” she added.



So Bitget, like other crypto exchanges, appears to be taking legitimate steps to regain customer trust after FTX’s collapse.



So, don’t take this as a condemnation of Bitget as a company, but rather a reminder that words and marketing matter. Exchanges would be better off hammering home the details of their specific security and transparency efforts than touting celebrity partnerships.&nbsp;



As we would say in journalism, “Bitget buried the lede.”



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Bitget’s Celebrity Partnership Comes Across Tone Deaf

<div id="highlights-block_62e75b0bec983" class="highlights">
 <ul>
 <li>Bitget wants to shore up trader and investor confidence with a new &#8220;protection fund&#8221;</li>
 <li>Bitcoin and tether will make up the exchange&#8217;s war chest, currently worth more than $200 million</li>
 </ul>
 
</div>



Singapore-headquartered crypto derivatives exchange Bitget said Sunday it has launched a new fund designed to safeguard against hacks and theft — a bid to lift the industry&#8217;s image after crypto&#8217;s recent downturn.



The exchange&#8217;s $200 million-plus &#8220;Protection Fund,&#8221; which consists of 6,000 BTC ($140.2 million) and 80 million USDT, is an attempt to quell security&nbsp;concerns and boost investor confidence, Bitget said.



Recent market turmoil, fueled by lender <a href="https://cms.blockworks.co/crypto-deleveraging-cycle-wont-last-much-longer/" target="_blank" rel="noreferrer noopener">contagion</a> that caught many industry participants by surprise, has battered faith in crypto&#8217;s ability to weather significant periods of volatility.



Multiple lenders and exchanges moved to restrict or freeze crypto asset withdrawals from their platforms following revelations they didn&#8217;t have the capital on hand to satisfy users who wished to opt-out of the market.



Coupled with billions of dollars lost to <a href="https://cms.blockworks.co/defi-exploits-top-1-8b-ytd-though-security-getting-better-immunefi-says/" target="_blank" rel="noreferrer noopener">hacks and theft</a> last year, trust in the crypto community alongside the platforms storing users&#8217; assets continues to erode.



Part of the fund&#8217;s stablecoin allocation is meant to help alleviate pressures associated with market volatility, Bitget said.



The exchange, established in 2018, is one of South-East Asia&#8217;s fastest growing derivatives exchanges boasting around 20,000 active traders. Bitget processed close to $100 billion in transactional value in 2021, according to its <a href="https://www.linkedin.com/company/bitget-global/about/" target="_blank" rel="noreferrer noopener">LinkedIn profile</a>.



Bitget&nbsp;has pledged to secure the value of its war chest over a three-year horizon. It&#8217;s expected to be self-funded and non-reliant on third-party&nbsp;insurance in what it believes will help navigate beyond &#8220;external bureaucracy&#8221; or &#8220;policy changes.&#8221;



&#8220;The&nbsp;protection fund will help us mitigate investors’ concerns and attract potential users,&#8221; Bitget&#8217;s managing director Gracy Chen said in a statement. &#8220;We believe our initiative would encourage other CEXs [centralized exchanges] to address concerns of accountability &#8230; and help win back investors’ confidence.&#8221;



The move echoes Binance&#8217;s decision to <a href="https://www.binance.com/en/support/announcement/9c513d91af3f497b99da2962322fb3c3" target="_blank" rel="noreferrer noopener">establish</a> its so-called &#8220;Secure Asset Fund&#8221; in 2018, which came in handy when hackers <a href="https://techcrunch.com/2019/05/07/binance-breach/" target="_blank" rel="noreferrer noopener">raided</a> the exchange for $40 million in the following year. 



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Bitget Rolls Out $200M ‘Protection Fund’ to Safeguard User’s Crypto

<div id="highlights-block_62b5d93dbc438" class="highlights">
 <ul>
 <li>Longtime Facebook leader becomes CEO of Web3 advertising provider</li>
 <li>Activision Blizzard executive moves over to lead blockchain gaming company</li>
 </ul>
 
</div>



Though companies such as <a href="https://cms.blockworks.co/crypto-com-cutting-5-of-workforce-amid-digital-asset-downturn/" target="_blank" rel="noreferrer noopener">Crypto.com</a>, <a href="https://cms.blockworks.co/cryptocurrency-lender-blockfi-set-to-cut-staff-by-a-fifth/" target="_blank" rel="noreferrer noopener">BlockFi</a>, <a href="https://cms.blockworks.co/coinbase-cut-workforce-ceo-wary-of-potential-recession/" target="_blank" rel="noreferrer noopener">Coinbase</a> and <a href="https://cms.blockworks.co/gemini-joins-growing-list-of-crypto-exchanges-cutting-staff-amid-downturn/" target="_blank" rel="noreferrer noopener">Gemini</a> have recently revealed plans to cut staff or slow hiring, others continue sharing their intentions to grow their headcount.&nbsp;



Demand for talent is strong for firms looking to expand. A recent analysis of Google search data by Cryptojobslist.com found that searches for “remote crypto jobs” grew by 560% worldwide this month.



Crypto exchange OKX announced last week that it plans to increase headcount by 30%, growing by 1,500 people to about 5,000 over the next 12 months.



“Seeing people in our community losing their jobs is quite unsettling,” an OKX spokesperson told Blockworks. “Our focus right now is to see if we can be the home for the incredible talent in our industry who may have been impacted by the recent layoffs.”



The exchange is targeting professionals in product design, engineering and marketing as its main focus shifts to building a leading brand in the space.&nbsp;&nbsp;



OKX has seen a slight increase in applications since the onset of the bear market. It received more applications in April than in any previous month of the year, and even more were submitted in May, according to the company representative.



<blockquote class="wp-block-quote">“This is a great time to hire talent who are coming to the industry not just for the hype but rather because of their pure passion for building,” the spokesperson added.</blockquote>



Derivatives exchange Bitget is also seeing an influx of applicants, most likely due to headcount cuts from other companies, Managing Director Gracy Chen said.&nbsp;



Bitget revealed earlier this week that it seeks to double its workforce to 1,000 people by the end of the year. The company is focused on filling operations, product development and customer services roles across regions in which it has seen growth.&nbsp;



A crypto winter gives the firm “a golden window” to achieve low-cost, high-quality growth, Chen explained. Historical data has proven that with each market downturn, the recurring bull run will bring about even stronger and positive results, she added.



“Oftentimes, a company’s success is very visible during a bull market, however, the foundation was likely established during a bear market,” Chen told Blockworks. “Regardless of the market conditions, it was a pressing business need for us to push forward with our hiring plans to pave way for new developments to come.”



<h3 class="wp-block-heading">A look at this week’s hires</h3>



Web3 advertising provider <a href="https://c212.net/c/link/?t=0&amp;l=en&amp;o=3570727-1&amp;h=1983329226&amp;u=https%3A%2F%2Fpermission.io%2F%3Futm_source%3DBitcoin.com%26utm_medium%3DBlockman.pro%26utm_campaign%3Dpolygon_migration&amp;a=Permission.io" target="_blank" rel="noreferrer noopener">Permission.io</a> appointed longtime Facebook executive Thomas Shin as its CEO.&nbsp;



Shin has spent 28 years in the digital advertising space at companies such as Meta (formerly Facebook), Yahoo!, MediaMath and Efficient Frontier, which was acquired by Adobe. Most recently, he was head of the Americas business at mobile programmatic startup Moloco.&nbsp;



Permission.io founder and former CEO Charlie Silver is set to become executive chairman.



Crypto exchange OKX brought aboard Rachel Conlan to be its global head of brand marketing and partnerships.



Conlan is responsible for the company’s brand and marketing efforts through partnerships with Manchester City FC, Tribeca Festival and McLaren Racing. The latter collaboration, <a href="https://cms.blockworks.co/crypto-exchange-okx-inks-f1-mega-deal/" target="_blank" rel="noreferrer noopener">revealed in May</a>, came around the time OKX hired chief marketing officer Haider Rafique from competing exchange OKcoin.&nbsp;&nbsp;



Conlan previously led the global partnerships team at international sports and entertainment agency CAA Sports and also worked as global chief marketing operations officer for communications group Havas.



Hut 8 Mining named Aniss Amdiss as its chief legal officer. He will lead Hut 8’s legal and governance portfolios and serve as corporate secretary, reporting to CEO Jaime Leverton.&nbsp;



Prior to joining Hut 8, Amdiss served as vice president of legal, general counsel and corporate secretary at healthcare services company Greenbrook TMS Inc.



Digital asset custody company Digivault has added Greg Vosper as its chief commercial officer to drive the firm’s business development, partnerships and sales strategy.&nbsp;



Vosper was most recently the director of strategic partnerships at Zodia Custody, a crypto custody solution built by Standard Chartered’s venture arm and asset management giant Northern Trust. He was also previously the lead of new client development and sales at CME Group and a business advisory and tax committee manager at Nexia International.



Private markets investment management firm Hamilton Lane hired Victor Jung to its newly created head of digital assets role.&nbsp;



The company had about $900 billion in assets under management and supervision — $106 billion in discretionary assets and $795 billion in advisory assets — as of March 31.



Jung was most recently head of distribution partners and liquid private markets for the Asia-Pacific region at Partners Group, where he oversaw business development and led onboarding for the firm’s wealth technology platforms.



Mark Aubrey is set to join blockchain gaming company Catheon Gaming as its co-CEO on July 11.



Aubrey joins the company from Activision Blizzard, the creators of games such as Call of Duty and World of Warcraft; there he worked as managing director and head of its Asia-Pacific arm. Before that, Aubrey was a marketing director at Warner Bros. Entertainment.



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Latest in Crypto Hiring: OKX, Bitget Among Companies Boosting Headcount

<div id="highlights-block_629a39dde9916" class="highlights">
 <ul>
 <li>Bitget adds managing director to help connect centralized and decentralized finance</li>
 <li>Fidelity Digital Assets looks to up hiring, while Coinbase expects to slow additions</li>
 </ul>
 
</div>



Crypto technology provider Fireblocks hired a former Bank of England executive as its new CBDC and market infrastructure director.



Varun Paul, who will serve on Fireblocks’ corporate strategy team, was at the Bank of England for 14 years and ultimately led its fintech hub and future of finance initiatives.



&#8220;From CBDC [central bank digital currency] developments to the tokenization of traditional financial assets, bridging digital assets and blockchain technologies to traditional institutions at scale will require strong working relationships with the central bank community,” Fireblocks Head of Corporate Strategy Adam Levine said in a statement.&nbsp;



Derivatives exchange Bitget appointed Gracy Chen as a managing director. She previously held executive roles at XRSPACE, a virtual reality technology company headquartered in Taipei.&nbsp;&nbsp;



Bitget reported its all-time high derivatives trading volume of $8.7 billion earlier this year — a 300% increase from the year before.



Chen noted in a statement that she is an “avid investor” in crypto and seeks to help Bitget connect centralized and decentralized finance, “resulting in an expansive bridge to the vast web of crypto.”



Digital Entertainment Asset (DEA), a blockchain gaming and entertainment company based in Singapore, named Tatsuya Kohrogi as its head of global business.



Known for its gaming and decentralized finance (GameFi) platform PlayMining, which allows players to mine crypto while they play games, DEA has 2.4 million players worldwide. The company was founded in 2018 and is developing play-to-earn game JobTribes and an NFT marketplace.



Kohrogi served as a partner manager at Meta (formerly Facebook), where he worked with ad agencies in Japan. Prior to Meta, he was at SoftBank, where he held investment strategy, business development, sales management and digital marketing roles during his seven years at the company.



“As we begin to expand our business across Asia, Europe and North America, we are confident each region will grow under Tatsuya&#8217;s leadership,&#8221; DEA CEO Naohito Yoshida said in a statement.



In case you missed it, Fidelity Investments’ digital asset arm said it is <a href="https://cms.blockworks.co/fidelity-digital-assets-to-double-headcount/" target="_blank" rel="noreferrer noopener">seeking to double its headcount</a> by the end of the year as it pushes to expand its support for assets other than bitcoin. The expansion would include hiring about 210 workers across client services, custody operations, execution services and technology building roles, a spokesperson told Blockworks earlier this week.&nbsp;&nbsp;



Others are slowing down hiring amid the crypto market downturn.&nbsp;



Coinbase Chief People Officer L.J. Brock wrote in a <a href="https://blog.coinbase.com/update-on-hiring-plans-bcedfa634989" target="_blank" rel="noreferrer noopener">company post</a> that the exchange has decided to take more “stringent measures” to <a href="https://cms.blockworks.co/coinbase-latest-crypto-firm-to-cut-costs-amid-market-downturn/" target="_blank" rel="noreferrer noopener">slow its headcount growth</a> in hopes of navigating uncertain waters.



Gemini founders Tyler and Cameron Winklevoss said in a Tuesday memo to employees that the company <a href="https://cms.blockworks.co/gemini-joins-growing-list-of-crypto-exchanges-cutting-staff-amid-downturn/" target="_blank" rel="noreferrer noopener">expects to cut 10% of its staff</a> due to the ongoing crypto downturn, as well as macroeconomic and geopolitical factors.



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