Blockchain.com Workforce Will Expand To Nigeria, Turkey in 2024

Key Points:

• Blockchain.com is set to increase its workforce by 25% in Q1, targeting new markets like Nigeria and Turkey.
• The company plans to obtain more local licenses for Blockchain.com workforce expansion.

According to a Bloomberg report, crypto exchange Blockchain.com, a key player in Bitcoin infrastructure, is set to expand its workforce by 25% in the first quarter. 

Blockchain.com Workforce Expansion Plans

The company aims to tap into new markets, with a focus on Nigeria and Turkey. To facilitate Blockchain.com workforce expansion, Curtis Ting, former head of global operations at Kraken, has been hired to establish the company’s new hub in Paris and create local entities across Europe to comply with evolving regulations.

Blockchain.com currently manages its European operations through a single entity based in London. CEO Peter Smith revealed plans to obtain more local licenses to navigate regulatory requirements in various European markets.

With a current staff of around 300 people, the company is positioning itself for growth, entering emerging markets despite recent industry challenges. Smith likened the industry’s recent struggles, often referred to as “crypto winter,” to an early spring, signaling the right time to invest in the future.

Strategic Moves and Funding Boost

While specific revenue figures were not disclosed, Smith mentioned that the company’s revenue has been steadily increasing month over month at an unprecedented rate. He noted the favorable market conditions, stating:

“For us over the last 1.5 years, it’s been an incredible opportunity to take market share. There’s probably 60–70% less competition right now than there was at the end of 2021—broker, exchanges, any line you look at.”

Blockchain.com recently secured $110 million in a Series E strategic financing round led by UK-based Kingsway Capital. The funding is expected to fuel Blockchain.com workforce expansion plans and capitalize on the evolving cryptocurrency landscape. In August, the exchange also reached a significant milestone by obtaining a coveted license from regulatory authorities in Singapore.

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