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Singapore-based crypto exchange Bitget plans to double its workforce to 1,000 employees over the next six months despite the current market downturn, it said in a news release on Thursday.

Since the beginning of the second quarter, the overall crypto market has been on a downward trend, which has cut short a lot of projects and led to headcount reductions in various global crypto operators.

Still, Bitget, which was founded in 2018 and offers its users crypto copy trading, has been experiencing growth and generating strong cash flow amid less-than-perfect market conditions.

Managing director of Bitget, Gracy Chen, said: “Earlier this year, we announced our derivatives trading volume had reached an all-time high of $8.69 billion in March 2022. In the last 12 months, our trading volume grew by over 10 times … moreover, our user base also grew significantly to two million users worldwide.”

In the beginning of 2021, Bitget had a team of 150, achieving a threefold increase by mid-2022. Moving forward, the company aims to make about 500 new hires by the end of the year, mostly in the product development and customer service fields.

Chen added: “As we continue to endure the crypto winter, it will be a perfect opportunity for us to attract talent in the market and strengthen our foundation, prioritize growth and be prepared to welcome the next round of crypto adoption when the market regains strength.”

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