all about cryptop referances
Crypto firm Matrixport, led by former Bitmain CEO Jihan Wu, is laying off 10% of the company’s employees, according to reports published on Friday. Matrixport’s COO, Cynthia Wu, cited a “shift in the regulatory climate” and “industry-wide capitulations” as reasons for the layoffs.
Jihan Wu’s Matrixport is letting go 10% of the firm’s employees, according to multiple reports Jan 27, 2023. Bloomberg reports that unnamed sources say the company’s head of business development and investor relations has left. The news follows another Bloomberg report, published in November 2022, which said Matrixport was seeking $100 million in funding from investors.
At that time the company told the publication it was engaged with investors. In addition to Bloomberg sources on Friday, the company’s COO, Cynthia Wu, confirmed to Coindesk’s Omkar Godbole that the 10% cut in staff stemmed mainly from Matrixport’s marketing department.
“We have sharpened our strategic focus towards accredited investors given the significant shift in the regulatory climate following the capitulations across the industry. Our teams have been realigned to reflect this change,” Wu told Godbole. “We continue to hire in the areas of compliance, legal and product development, with reductions in marketing affecting 10% of our staff.”
Matrixport’s layoffs amid crypto winter are among the many cryptocurrency and blockchain companies letting go. Recently, Huobi reportedly let go of 20% of its staff, and sources said this week that Gemini is letting go of 10% of the exchange’s staff.
Coinbase reduced its workforce by 950 employees at the start of the year and Superrare cut 30% of employees around the same time. In addition, thousands of crypto employees were let go during the last three quarters of 2022. Corporate giants such as Meta, Microsoft, Google, and Amazon have also let go of large numbers of employees in recent times.
What do you think about Matrixport’s layoffs and thousands let go from the crypto industry as a whole since last year? Share your thoughts in the comments below.
Image credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or an endorsement or recommendation of products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is directly or indirectly responsible for damages or losses caused or alleged to be caused by or in connection with the use of or reliance on content, goods or services mentioned in this article.
