January 31, 2023

Crypto Companies Lay off Nearly 3,000 Employees in January

Crypto Companies Lay off Nearly 3,000 Employees in January Featured Image

Crypto companies started their first month in 2023 by laying off about 3,000 jobs, according to Cointelegraph.

As many as 14 crypto firms laid off at least 2,900 jobs in January, the latest of which was crypto infrastructure provider Prime Trust, which has reportedly decreased the number of employed persons by a third. The number was estimated at 100 as Prime Trust is reported to have 312 employees.

Media outlets reported recent cuts over the past few days, like the crypto platform Matrixport, which discharged 30 staff, and the crypto exchange Gemini, which dismissed 100 staff.

The largest employee layoff this month was made by crypto exchange Coinbase, which reduced its employee count by 950 employees on January 10. Peer exchanges like Crypto.com, Luno, and Huobi made reductions of around 500, 330, and 320 employees, respectively.

Also, the crypto corporation Digital Currency Group and its subsidiaries witnessed remarkable layoffs in January, reaching 485 workers alone given that the group faces a financial crisis. As many as 200 employees were sacked from crypto bank Silvergate. In addition, the nonfungible token (NFT) marketplace SuperRare saw the layoff of 20 staff members.

This reduction of staff occurred although the Bitcoin value had increased this month which recorded around $25,000. This also happens in conjunction with tech giants’ large-scale layoffs as 48,000 people in January alone were dismissed from just four companies; Google, Amazon, Microsoft and Salesforce.

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