Ukraine-based crypto firm announces hiring amid war, market slump

moneycontrol.com:

 Ukraine-based crypto company Everstake intends to expand its workforce despite Russia’s invasion of the country and a bearish cryptocurrency market.

The company, a decentralized staking service provider, had prepared for the market crash well in advance, said Sergey Vasylchuk, founder and CEO of Everstake.

An important part of doing business is to assess and address potential risks and he had expected the crash, Vasylchuk said.

“The war in Ukraine is a good example. Before it broke out, it was a black swan, i.e. a highly unlikely event with severe consequences. But war can turn your business and yourself into a heap of ash. That’s why I decided to prepare for it, and, unfortunately, I was right,” Vasylchuk said in a series of Twitter threads.

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A crypto market crash was as inevitable as winter and crypto players should have expected it, he added.

“Those who were euphoric during the bull run and weren’t preparing paid a huge price for having their heads in the clouds,” he said.

“We at @everstake pool were bracing ourselves in advance, though I must admit we underestimated the risks of Terra. We would have been much better off hadn’t it been for this whole story. But nonetheless, we have a special fund created to let us live through a bear market,” he said.

Vasylchuk said the company was not firing any employee, and on the contrary, was hiring.

“To be precise, we have hired 30 new employees since the onset of the war and have over 10 openings in marketing and development,” he said.

Everstake, along with crypto exchanges Kuna and FTX, had partnered with the Ukrainian government to launch a website where people could donate crypto to help the