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Crypto winter forces crypto exchanges to layoff staff as cost-cutting measure

Amid the recent crypto market crash, crypto exchanges and firms from all around the world are adopting various cost-cutting measures. Global crypto exchanges have been laying off their staff. 

Billionaire bitcoiners Cameron and Tyler Winklevoss’ backed-crypto exchange Gemini was the first exchange which started this layoff trend. On June 2, Gemini laid off 10% of the workforce at Gemini, citing the “contraction phase” known as “crypto winter.”

On June 11, Crypto.com revealed that 260 staff would be laid off by 5%. Numerous other companies have recently announced significant layoffs as well. The business let go a total of 1,100 full-time workers. Similar to this, on June 13, crypto companies like BlockFi let go of 20% of their workforce. In order to retain a strong company in the midst of the current economic slump, Coinbase laid off 18% of its personnel on June 14.

On June 19, the UAE-based cryptocurrency exchange BitOasis announced that it had let go of 9 employees as part of a cost-cutting initiative. The current job losses indicate that there will be huge upheavals as a result of another lengthy cryptocurrency slump. The corporation estimates that the layoffs represent about 5% of the entire workforce.

As reported by Cryptoshrypto, an Australian crypto exchange, Banxa, has also joined the list of exchanges laying off their staff. Due to bearish market conditions, the firm declared that it will dismiss 30% of its employees, which means it will reduce the staff size from 250 to 160 workers.

The company recently implemented cost-cutting measures, including the cancellation of all internal gatherings such as dinner parties and drinks at the end of May. About 230 people worked for the company worldwide in the previous year, including employees in Europe and Indonesia.

Chief executive Holger Arians informed an “all hands” meeting that the restructuring plan, which included significant redundancies, would take place because the firm had grown so quickly in the face of worsening market conditions.

Global crypto exchange Coinbase also announced it would fire 1,100 people, or 18% of its whole workforce, but Bybit withheld the precise number of job losses.

Read more:

Coinbase layoff its headcount by 18% amid current market crisis

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