Crypto layoffs top 2,000 jobs in 2023 alone
The digital asset industry shed more than 2,000 jobs in the first two months of 2023 as companies continued to cut costs even as crypto prices partially recovered.
U.S. cryptocurrency exchange Coinbase Global Inc. hinted this week that more layoffs could be on the way after cutting 20% of its workforce in January. Other exchanges including Crypto.com, Huobi Global, Gemini and Luno also announced job cuts over the past two months. Exchange revenue depends on retail, which has been slow to recover after a spate of outages and scandals over the past year.
Layoffs have also been rife among other types of crypto companies. Chainalysis, a company that specializes in tracking digital asset transactions and counts Singapore’s GIC among its investors, announced job cuts in early February. Brevan Howard-backed researcher Messari has reduced its workforce by 15%, CoinDesk reported.
Here are some of the crypto job cuts announced or reported so far in 2023:
Elliptical
Blockchain analytics firm Elliptic is laying off 20 employees, or about 10% of its workforce, DL News reported.
Messari
According to CoinDesk, the crypto data and exchange platform has shed 15% of its workforce as part of a restructuring.
immutable
The Australia-based blockchain gaming company has laid off 11% of its workforce, according to The Sydney Morning Herald.
Polygon Labs
The main operator of the Polygon blockchain announced that it has laid off around 100 employees, or 20% of its workforce, as part of a consolidation of business units.
GSR
One of the oldest market makers in the crypto space cut about 20 jobs in January, the second round of job cuts at the firm.
Magical Eden
The non-fungible token marketplace announced that it had eliminated 22 roles as part of a “company-wide restructuring.”
protocol labs
The company behind decentralized file storage network Filecoin announced in a blog post that it will cut 89 jobs across multiple teams, or 21% of its workforce.
Bittrex
Crypto exchange Bittrex has laid off more than 80 employees, CoinDesk reports.
chain lysis
The company, known for its crypto transaction tracking services, said it has made layoffs affecting less than 5% of its 900 employees.
matrix port
Digital asset lender is shedding 10% of its 300 employees.
Luna
The crypto exchange owned by Digital Currency Group announced that it will cut about 35% of its workforce.
Bitcoin Suisse AG
The digital asset investment firm said it had trimmed some positions, but declined to give an exact number. A spokesman said it was “well below” the industry average of about 30% of the workforce. In addition, the company has streamlined its management: Chief Risk Officer Sven Ramspott is also taking over the position of Chief Financial Officer, tasks from Philipp Vonmoos, who is leaving the company after five years.
Blockchain.com
Blockchain.com is laying off 28% of its workforce, or about 110 employees. About 150 roles were canceled last year. Following the layoffs, the company will employ 280 people, up from 160 at the start of 2021.
coin base
On Jan. 10, Coinbase announced it would lay off about 950 employees, or 20% of its workforce. It is closing most of its operations in Japan and closing several projects. Last June, Coinbase laid off 18% of its workforce, equivalent to about 1,100 employees, and laid off another 60 in November.
ConsenSys
Ethereum software company ConsenSys confirmed that it is cutting 96 jobs, accounting for 11% of the crypto company’s total workforce.
Krypto.com
Crypto.com said it has laid off about 20% of its global workforce. There were also layoffs in the middle of last year. Crypto.com declined to give the exact number of jobs eliminated in the latest round.
Twins
Gemini Trust Co. laid off another 10% of its workforce. The firm remains under pressure from a months-long crypto slump.
genesis
Brokerage Genesis Global Trading Inc. laid off more than 60 employees, or about 30% of its workforce, on Jan. 5. Last August, the company cut 20% of its workforce.
OSL
The Fidelity International-backed digital assets platform cuts costs by about a third, including a “headcount reduction,” according to Hugh Madden, chief executive officer of OSL parent company BC Technology Group.
Osprey Fund
Digital asset manager Osprey Funds has laid off 15 employees and is currently operating with fewer than 10 employees, CryptoDaily reported.
Top notch trust
Crypto services firm Prime Trust laid off about a third of its employees late last month, mostly in communications and compliance, CoinDesk reported.
Silvergate Capital
Crypto-friendly bank Silvergate Capital Corp. announced in January that it was reducing its headcount by about 200 employees.
Very rare
Non-fungible token marketplace SuperRare reduced staff by about 30% in January, according to a tweet from Chief Executive Officer John Crain.
Huobi
Crypto exchange Huobi plans to cut 20% of its workforce, according to a statement in January. The company employs around 1,100 people.
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