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November Begins With Widespread Layoffs In Crypto Industry

With severe market circumstances, the crypto and tech industries have experienced a large number of layoffs this week. However, on a bright note, some companies are breaking the trend and hiring new employees.

Because of the ongoing bear market, cryptocurrency organisations, such as cryptocurrency exchanges, venture capital firms, and blockchain technologists, have been compelled to lower their workforce sizes in order to maintain their agility. On the other hand, others have taken the opposite approach and opened offices in new regions as well as markets.

It comes just a few weeks after a number of high-level executives, including the former chief financial officer of OpenSea, the co-founder of Kraken, Jesse Powell, and the engineering director of Ripple Labs, all made headlines for either leaving their roles in the space or stepping down from those roles.

Stripe is laying off around 1,000 employees:

In a statement dated November 3, 2018, Stripe CEO Patrick Collison said that 14% of the company’s personnel, or around 1,000 people, will be let go. He said that the layoffs were because of “inflation, higher energy costs, higher interest rates, smaller investment budgets, and less money for new businesses.”

Collison noted that Stripe was “over enthusiastic” about short-term e-commerce growth, underestimating the effect of a larger industry slowdown, and that its operational expenses expanded too rapidly. He also stated that Stripe was “overhired for the environment we’re in.”

According to the message, the adjustments to Stripe’s workforce would be unequal throughout the company. It is unknown which departments will be impacted or how this will influence the cryptocurrency side of the company’s operations. In April, the payments company put out a tool that lets Twitter creators get paid in cryptocurrency. 

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Reporter
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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