The crypto winter has been unrelenting, and it’s continued to hit the industry from all corners. As a result, some of the biggest players in the industry have found themselves needing to curb their ambitions. There are crypto companies that are currently struggling to stay afloat. As a result, many of them have had to make cut backs as far as their staff is concerned.
Laying Off Employees
By the 21st of July of 2022, nearly 3726 jobs related to cryptocurrency were lost. On the 21st of July, 2022, Blockchain.com cut off around 25% of their employees. This means that they had to let go of at least 150 people from its workforce.
Then, on the 14th of July, OpenSea also made cutbacks to their staff. They had to lay off around 20% of their workforce. These were only the latest when it came to crypto companies laying off staff however. Take for example Compass Mining, that on the 7th of July, laid off around 15% of its staff. Compensation for executives were also lowered. On the 5th of July, Bullish.com also reported that they bad cut about 10% of their total workforce.
According to employees who used to work there, Cosmos-Builder Ignite also laid off more than half of all their employees. Back in June, Huobi Global laid off 30% of its workforce. This was a result of the crackdowns in China, which had led to a fall in revenue. In this way, dating back all the way to April, crypto companies have started laying off their employees.