Despite the recent market resurgence, these crypto firms laid off more employees

The prolonged bear market has dampened interest in cryptocurrencies and has hampered many industry players. Major exchanges such as Coinbase, Crypto.com, Bybit and Kraken laid off some of their employees to cope with the difficult times.

Despite the recent market resurgence, with Gemini, Blockchain.com, Coinbase and many others announcing a new wave of layoffs, the trend seems to be similar at the beginning of the new year.

layoffs continue

The unfavorable macroeconomic conditions have put thousands of people out of work, but the FTX crash and its continuing domino effect appear to have caused additional layoffs. Here is a list of cryptocurrency companies that have scaled back their teams since early November.

Argentina Exchange Lemon Cash Cut About 38% of the workforce, or about 100 people. CEO Cavazzoli acknowledged that the company had “negligible” exposure to his Alameda Research, and assured that the fix had nothing to do with his FTX demise.

Mexican Crypto Platform Bitso dismissed About 25% of the workforce as of the end of November. This was the second layoff for an entity that had previously laid off 80 people.

San Francisco-based Kraken also added its name to the list. reduce Its personnel is one-third.

“Unfortunately, the negative impact on financial markets continues, and we have exhausted our desirable options for matching costs to demand,” he said.

Bybit I participated Australian Exchange Swyftx followed With layoffs close to 50%.

Gate.io – Exchanges based in the Cayman Islands, and Huobi rejected nearly 50% and 20%, respectively, and didn’t get the new year off to a good start.

One of the largest crypto exchanges – coin base – Second employee layoff on January 10, Blockchain.com (28%) and crypto dot com (20%) did so the next day.

Other trading platforms that have recently reduced the size of their teams are: Coin DCXAmber Group, Gemini (10%), and Luno (35%).

other industry players

The lineup includes not only digital asset exchanges, but also companies that offer different types of services. One such example is Paradigm, a cryptocurrency-focused investment firm.this reduction Pay salaries instead of firing people.

Multi-chain network for Web3 applications – Octopus Network – dismissed 40% of team members by the end of 2022. NFT Marketplace – SuperRare – cut 30% in early 2023, blockchain software technology company – ConsenSys – It took A “very difficult decision” to let go of 96 employees.

Silvergate Capital – a cryptocurrency-focused bank headquartered in California – trimmed 40% (about 200 people) abandoned some projects due to poor revenue last quarter.

Digital Currency Group, a venture capital firm run by Barry Silbert, recently laid off 30%, closed its asset management department. The move comes on the heels of subsidiary Genesis announcing job cuts.Additionally, the platform submitted For Chapter 11 bankruptcy protection.

Layoffs Until FTX’s Meltdown

The first wave of layoffs began early in the second quarter of last year (coinciding with the impact of Terra and a series of market declines). BitMEX dismissal 25% then and another 30% a few months later.

Argentinian Platform Buenbit cut Achieved 45% in May in an attempt to restructure business strategy during the global financial crisis.

In June, Coinbase, Crypto.com, Gemini, Bantha,bold, 2TMWhen bit oasis Here are some examples.

high seasCoinFLEX, Core Scientific, Wazir X, NYDIG, dapper laband even more employees were laid off until FTX crashed.

Binance Hiring

Despite countless job cuts, Binance, the world’s largest cryptocurrency exchange, has expansion plans. CEO Changpeng Zhao (CZ) relief Last June, he argued that the bear market was the perfect time to add headcount, saying the company had a “healthy war chest.”

he doubled this month, make clear Binance’s intention to grow the team by up to 30%. According to the Chinese-Canadian executive, the team will grow to 8,000 in 2022 (from about 3,000 at the beginning of the year).