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Matrixport, a Singapore-based cryptocurrency investment and lending company, Decryption We are cutting back on our marketing department, affecting 10% of our nearly 300 employees.
The company was founded in 2019 by Jihan Wu, an entrepreneur who became a billionaire with the success of cryptocurrency mining maker Bitmain Technologies.
Cynthia Wu, Matrixport’s Chief Operating Officer, said: Decryption The layoffs reflect the company’s renewed focus on “accredited investors given the significant changes in the regulatory environment following the industry-wide capitulation,” the company said in an email, adding that the layoffs were not part of compliance, legal and product development. He pointed out that employment in the sector continued.
2022 has been a tumultuous year for cryptocurrencies, with major events such as the implosion of crypto exchange FTX in November and the collapse of Terra in May. Both events drained billions of dollars from the crypto market.
According to matrix portthe company has $5 billion in monthly trading volume and $10 in assets under management.
Personnel Changes at Matrix Asset Management
according to bloomberg reportMatrix Asset Management CEO Damien Loh and Head of Business Development and Investor Relations IZ Wong have also stepped down.
Matrix Asset Management is also owned by Wu Jihan, but the company only lists four employees, including Lo and Wong. LinkedIn page.
Matrix Asset Management COO Yu Yee Woo was quoted as saying, “The company is transitioning to new leadership pending regulatory review.”
Matrix Asset Management did not immediately respond. of decryption Request for comments.
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