3,500 crypto specialists without work, more layoffs are coming
Dismissed! Over 3,500 specialists have been hit by massive cuts in the cryptocurrency market, but it seems that the worst is out.
The cryptocurrency bear market has hit a significant blow to the sector’s labor market. As of July 2, at least 3,500 specialists from around the world in cryptocurrency marketing, human resources, technical support and programming were laid off.
The largest reductions were recorded on the Coinbase crypto exchange, where the company’s founder, Brian Armstrong, announced the dismissal of 18% of employees (over 1,000 people). It is not yet clear whether the cuts are due to market conditions or a scandal within the company.
However, other stock exchanges are not far behind when it comes to redundancies. For example, the Bitpanda Stock Exchange also announced changes, laying off 730 employees. In third place is the ByBit stock exchange, which according to media reports lost 20% to 30% of its employees (up to 600 employees) without work due to unsatisfactory growth in operations.
Summary
– The cryptocurrency exchange Coinbase laid off more than 1,000 people (18% of employees) to “maintain stability during the economic downturn.”
– Cryptocurrency exchange Bybit fired from 20% to 30% of staff (up to 600 people).
– The crypto exchange Huobi is preparing to lay off around 300 people.
– The Gemini stock exchange laid off 10% of its staff (~ 100 people) due to the “cryptocurrency winter”.
– Coinbase-sponsored marketplaces Vauld and Rain also announced cuts, but did not specify the scope.
– Cryptocurrency lender BlockFi laid off 20% of its employees (170 employees), while Crypto.com employees reduced by 5% (260 employees).
– The Argentine cryptocurrency exchange Buenbit laid off 45% of its employees (~ 80 people).
– The Mexican stock exchange Bitso terminated employment with 80 employees.
– European crypto exchange Bitpanda also announced changes, and laid off 730 employees.
– The Australian cryptocurrency exchange Banxa fired 30% (approximately 70 people), referring to another «cryptocurrency winter».
– The BitMEX marketplace laid off around 75 employees.
– Hong Kong-based crypto exchange OSL has cut to 60 employees.
Fired: Wave increases
At the same time, the cut-off wave seems to be only gaining momentum. The head of the hedge fund Pantera Capital, Dan Morehead, said earlier that over the next few months, the crypto market is waiting for even more bankruptcies such as Three Arrows Capital due to the monetary policy of the US Federal Reserve.
Meanwhile, more and more US top executives are sounding the alarm about an impending recession. Elon Musk, the founder of Tesla and SpaceX, said the crisis was already here.
Goldman Sachs analysts increased the likelihood of a recession over the next twelve months to 30%, and JPMorgan Chase CEO Jamie Dimon even urged people to prepare for the “economic hurricane” that has already appeared on the horizon.
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