Plans Workforce Expansion and Market Expansion Following Successful Funding Round Plans Workforce Expansion and Market Expansion Following Successful Funding Round

Cryptocurrency exchange announces plans to grow its workforce by 25% and expand into new markets after securing $110 million in funding., a leading cryptocurrency exchange, has revealed its plans for expansion following a successful funding round. The company, which recently raised $110 million in financing, intends to increase its workforce by 25% in the coming year and expand into new markets, including Turkey and Nigeria. aims to capitalize on the current market conditions, with CEO Peter Smith citing a decrease in competition and a growing opportunity to gain market share.

Expanding Workforce and Market Presence’s recent funding round, led by Kingsway Capital, has provided the company with the resources to expand its operations. With plans to enter the Turkish and Nigerian markets, aims to establish a stronger presence in these regions. In addition to geographical expansion, the company has hired Curtis Ting, a former executive from Kraken, to bolster its leadership team. Ting’s expertise will be instrumental in driving’s growth strategy.

Pursuing Additional Licenses

As part of its expansion plans, will be seeking additional licenses to support its operations in new markets. This proactive approach highlights the company’s commitment to regulatory compliance and its determination to establish a strong foothold in these regions. By obtaining the necessary licenses, aims to build trust and credibility among its users and regulators.

Taking Advantage of a Shifting Landscape’s decision to expand into new markets comes at a time when the cryptocurrency industry is experiencing significant changes. Binance, the world’s largest crypto exchange, has faced challenges to its dominance, while Coinbase, a U.S.-based exchange, is making strides in international expansion. By capitalizing on the evolving landscape, aims to position itself as a formidable player in the global cryptocurrency market.

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Overcoming Challenges and Seizing Opportunities’s journey has not been without obstacles. Following the collapse of crypto lender Three Arrows Capital in 2021, the company faced a substantial financial setback. However, took decisive action by reducing its workforce and implementing cost-saving measures. The successful funding round and subsequent expansion plans demonstrate the company’s resilience and ability to adapt to market conditions.

Market Share and Competition

CEO Peter Smith emphasized the significant opportunity for to gain market share in the current environment. With many companies retreating from certain markets or facing regulatory pressures, there is now a reduced level of competition. Smith estimates that there is approximately 60-70% less competition compared to the end of 2021. This favorable landscape positions for growth and success.

Conclusion:’s plans for workforce expansion and market expansion reflect the company’s determination to capitalize on its recent funding success and establish a stronger presence in new markets. By adding talent to its team, pursuing additional licenses, and seizing the opportunity to gain market share, aims to solidify its position as a leading cryptocurrency exchange. As the industry continues to evolve,’s proactive approach and ability to overcome challenges will be crucial in shaping its future success.