Fan token company Chiliz increases its workforce by 70% despite the crypto winter

Scalability is one of the possible reasons for the growth of the fan token industry despite the current bear market, according to Chiliz and the CEO of Socios.com.

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Blockchain company Chiliz, creator of fan token platform Socios.com, has continued to expand its membership despite the current bear market, reflecting a growing trend in the fan token industry.

The overall cryptocurrency market has seen a sell-off in 2022, with total market capitalization falling 60% year-to-date. Some major crypto companies, including Coinbase and Gemini, have had to reduce their workforce by 10-20% to maintain operations and continue to serve their customers.

While many crypto businesses have faced challenges during the crypto winter, the fan token industry appears to have shown some resilience.

Chiliz grew the company's headcount by more than 70% this year as the company continued to expand its global footprint in 2022, Alexandre Dreyfus, CEO of Chiliz and Socios.com, told Cointelegraph .

According to Dreyfus, the Chiliz workforce now numbers more than 300 full-time employees operating from new offices opened this year in the cities of Miami, Switzerland, London, Milan and Sao Paulo. The firm has also recruited new talent for offices in Madrid, Malta, Lyon and Istanbul.

“We have grown our team and our global presence in a very significant way,” Dreyfus said, adding that Chiliz had successfully survived the previous major crypto winter. “We have experienced market conditions similar to these in the past,” he said, noting that the company was founded in 2018.

The Chiliz hiring spree reflects an upward trend in the fan token industry in 2022. According to data from industry data aggregator CryptoSlam, monthly sales volumes of global fan tokens jumped around 200% since the start of 2022, reaching around $6.4 billion in September. In January, these volumes were $2.2 billion.