Jihan Wu's Matrixport Cuts 10% of Staff

The job losses are primarily concentrated in the marketing department, Matrixport's Chief Operating Officer Cynthia Wu told CoinDesk.

"We've sharpened our strategic focus towards accredited investors given the significant shift in the regulatory climate following the industry-wide capitulations. Our teams have been aligned to reflect this change," Wu said. We continue to hire in the areas of compliance, legal and product development, with reductions in marketing, impacting 10% of our headcount."

"Our human resource colleagues have supported those affected to explore alternative placements," Wu added.

Matrixport had more than 290 employees serving customers in 40 countries. The firm trades $5 billion worth of crypto products per month and has $10 billion worth of assets under management and custody.

Matrixport's fixed-income product tied to bitcoin was affected by the collapse of Sam Bankman Fried's FTX exchange in November, although at the time the company said it faced no risk of insolvency.

Please note that our privacy policyterms of usecookiesdo not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.