Thursday, July 25, 2024

Crypto Firms Continue With Layoffs Despite Bitcoin’s Rise.

14 crypto companies in the month of January 2023 have laid off 2,900 employees despite significant improvements in the price of Bitcoin. Prime Trust is the latest crypto firm to reduce its employee count by a third. This means 100 employees will be sacked.

A couple of days ago, Matrixport laid off 30 staff while Gemini made 100 employees redundant. Coinbase made headlines with the largest staff layoff by showing 950 employees the door on January 10. Its competitors Crypto.com, Huobi, and Luno also laid off employees – 500, 320, and 330 respectively.

Digital Currency Group and its subsidiaries also joined the counterparts by sacking 485 workers in January. Genesis reduced its headcount by 63 and HQ Digital by 26 staff. Silvergate is also on the list, it sent home 200 employees, Blockchain.com 110, and ConsenSys terminated 96 employees. SuperRara, an NFT marketplace was also hit by the crypto winter and sent home 20 employees.

All these redundancies were made in January, the month that Bitcoin saw strong performance and nearly graced the $25,000 mark. At the time of writing this article, BTC was trading at $22,894.

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