BlocksInform
Cryptographic firms tightened their financial cords in the first month of 2023, with at least 2,900 crypto employees seconded to 14 crypto firms in January.
The latest firm to reportedly initiate a layoff is the crypto infrastructure provider Prime Trust which reduced its employee count by a third according to reports.
At the time of writing this report, the reduction would be equivalent to a reduction of approximately 100 employees, since the number of employees in the front row was 312 at the time of publication.
Other recent cuts in recent days include 30 employees of the crypto matrixport platform being set up under a jan. 27 Bloomberg report, while an earlier Jan. 23 report from The Information said roughly 100 staff were laid off from the crypto exchange Gemini.
The largest staff layoff for the month of January was initiated by crypto exchange COINBASE which reduced its headcount by around 950 employees on Jan. 10.
Its peer exchanges Crypto.com, Luno and Huobi trailed with reductions of around 500, 330 and 320 employees respectively.
Embattled crypto conglomerate Digital Currency Group (DCG) and its subsidiaries similarly saw significant layoffs with 485 workers sacked in January alone as the firm navigates a financial crisis.
He's the one who's had the most redundancies, while dcg himself reduced 66 staff, its affiliate loan platform Genesis has cut 63 jobs and its head office digital asset management company has cut 26 jobs.
Related: Crypto recruitment execs reveal the safest jobs amid layoff season
Rounding off the list were the 200 members of staff let go by crypto bank Silvergate, the 110 employees cut from the Blockchain.com exchange and the 96 staff terminated from MetaMask’s parent company ConsenSys.
Meanwhile, 20 staff members were let go from the nonfungible token (NFT) marketplace SuperRare.
These staff cuts came despite Bitcoin (BTC) performing strongly in the month, targeting nearly $25,000 as institutional demand has continued to increase.
However, large-scale layoffs of the crypto industry were not segregated. Around 48,000 people in January alone were let go from just four companies: Google, Amazon, Microsoft and Salesforce.
While some may believe there's more gloom ahead, crypto hedge fund Pantera Capital believes there’s never been a better time to start a blockchain company claiming bear markets provide “less noise and distraction from building.”
