The crypto industry is going through a difficult period as a result of crypto winter, which has forced businesses to halt operations and stop recruiting. After several “black swan” occurrences, like the Luna Terra crash, increased Fed interest rates combined with regulatory uncertainty, and investors withdrawing from the cryptocurrency market, crypto markets are finding it difficult to grow. The number of crypto firms that have announced mass layoffs is growing quickly. Today, we examine all cryptocurrency businesses that have made staff layoff announcements.
The most recent business to announce widespread layoffs is OpenSea. Devin Finzer, co-founder and CEO of Opensea, attributed the layoffs to “an unprecedented mix of crypto winter and wider socioeconomic volatility.” According to TechCrunch, the company’s LinkedIn page lists 769 workers, which suggests that about 150 individuals lost their jobs as a result.
One of the biggest exchanges for cryptocurrencies, Coinbase, imposed a hiring freeze as part of measures to contain expenses in the face of erratic market circumstances. The corporation said in June that it will eliminate 1,100 employees or 18% of its staff. The layoffs occurred a day after major US bitcoin lending business Celsius Network stopped withdrawals and transfers, causing Bitcoin to plummet by as much as 50%.
To “ensure continuing and sustainable growth for the long term,” Crypto.com has announced the layoff of more than 260 employees. “We will continue to analyze how to best optimize our resources to position ourselves as the strongest builders during the down cycle to become the largest winners during the next bull run,” CEO Kris Marszalek added in a tweet.
150 employees were let off by Celsius Celsius as a result of a significant sell-off that led the business to halt withdrawal services. The company has roughly 650 employees listed on LinkedIn, including executives, thus 23% of the workforce was impacted.
using the justification that “turbulent market circumstances are expected to continue for some time” One of the first crypto giants to declare it was laying off 10% of its workforce was Gemini, the cryptocurrency exchange controlled by billionaires Tyler and Cameron Winklevoss.
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BlockFi, a decentralized financial institution that enables crypto lending and borrowing, said that it will be “cutting its staff by around 20%,” which entails terminating over 600 people. According to the business, “market factors that have negatively impacted our growth rate and a comprehensive examination of our strategic goals drove the decision.”
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