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Crypto companies tightened their purse strings in the first month of 2023, with at least 2,900 crypto staff laid off at 14 crypto companies in January.
The latest company to reportedly begin layoffs is crypto infrastructure provider Prime Trust. reduction Its number of employees is one-third.
At the time of this writing, Prime had 312 employees on LinkedIn, so this reduction equates to an estimated headcount reduction of around 100.
According to Bloomberg on Jan. 27, other job cuts over the past few days include the dismissal of 30 staff from cryptocurrency platform Matrixport. reportwhereas before January 23 report According to The Information, about 100 staff members have been laid off from cryptocurrency exchange Gemini.
The biggest layoffs this month were initiated by cryptocurrency exchange Coinbase, which cut about 950 employees on Jan. 10.
Peer exchanges Crypto.com, Luno and Huobi have cut about 500, 330 and 320 employees respectively.
The embattled digital currency conglomerate Digital Currency Group (DCG) and its subsidiaries have also seen significant layoffs, with 485 employees laid off in January alone, as the company weathered the financial crisis. There has occurred.
DCG-owned Luno cut the most jobs, with DCG itself cutting 66 employees, subsidiary lending platform Genesis cutting 63, and closing wealth management firm HQ Digital. Influenced 26 employees.
Related: Crypto Recruiter Reveals Safest Jobs Amid Layoff Season
Rounding out the list were 200 staff, 110 employees laid off by crypto bank Silvergate. cut From the Blockchain.com exchange and 96 staff laid off from ConsenSys, MetaMask’s parent company.
Meanwhile, 20 staff members have been laid off from Superrare, a non-fungible token (NFT) marketplace.
These job cuts come despite Bitcoin (BTC) performing strongly with a target near $25,000 per month as institutional demand continues to grow.
But the massive layoffs in the crypto industry weren’t isolated. About 48,000 in January alone it was We’ve let go of four companies: Google, Amazon, Microsoft, and Salesforce.
While some may think dark clouds are ahead, crypto hedge fund Pantera Capital believes there has never been a better time to launch a blockchain company, and the bear market is noisy. It reduces it and distracts from construction.”
