Layoffs Continue to Rock Crypto World with Over 2,000 Employees Laid Off So Far in 2023

Layoffs Continue to Rock Crypto World with Over 2,000 Employees Laid Off So Far in 2023
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The cryptocurrencies industry has shed over 2,000 jobs in the first 2 months of 2023, a new analysis by Bloomberg shows.

Leading crypto exchange, Coinbase, is one of the most affected saying that more layoffs could be on the horizon despite already implementing the biggest layoffs in the cryptocurrency sector in 2023, when it decreased its staff by 20%, approximately 950 employees, on January 10 2023.

In addition to currency, other scholarships have also been downsizing over the past two months, including huobi, gemini and luno.

The South African exchange, Luno, laid off 66 employees in January 2023, as parent company Digital Currency Group  (DCG) was also rocked by a liquidity problems.

Exchanges heavily rely on retail trading for their revenue but there has been a slow uptake in this area following a series of failures and scandals that hit the industry in 2022.

This is not just about job-killing exchanges. In early February 2023, chain analytics – a company that specializes in tracking digital asset transactions and has Singapore GICs as an investor – announced job losses. In addition, CoinDesk reported that Messari, a crypto research company, has reduced its workforce by 15%.

Below is a list of some of the crypto job cuts announced or reported in various sources so far in 2023:

  • Blockchain analytics firm Elliptic is laying off 20 employees or about 10% of its staff, DL News has reported
  • The crypto data and exchange platform, Messari, has cut 15% of its workforce as part of a restructuring effort, according to CoinDesk
  • Immutable, an Australia-based blockchain-gaming firm has made layoffs affecting 11% of staff, according to The Sydney Morning Herald
  • Polygon Labs, the main operator of Polygon blockchain, announced that it has let go of around 100 employees, or 20% of its workforce, as part of a consolidation of business units
  • GSR, one of the oldest market makers in crypto, eliminated about 20 positions in January 2023, the second round of job cuts at the firm
  • Non-fungible token marketplace, Magic Eden, announced that it has cut 22 roles as part of a ‘company-wide restructuring’
  • Protocol Labs, the company behind decentralized file storage network,Filecoin, announced in a blog post that it will cut 89 roles across several teams or 21% of its staff
  • Digital-asset lender, Matrixport, is shedding 10% of its 300-strong workforce
  • Luno, the crypto exchange owned by Digital Currency Group, announced that it is reducing its workforce by about 35%
  • Bitcoin Suisse, a digital-asset investment firm, has reportedly laid off some positions, though the exact number is undisclosed
  • Blockchain.com is letting go of 28% of its workforce or about 110 employees
  • In January 2023, COINBASE announced a reduction of approximately 950 employees, representing 20 percent of its workforce.
  • Software company Ethereum, ConsenSys, has confirmed the elimination of 96 positions, which accounts for 11% of the total workforce of the crypto company.
  • Crypto.com stated that they have laid off approximately 20% of their global workforce.
  • Gemini Trust eliminated another 10% of its workforce in 2023
  • Brokerage Genesis Global Trading laid off more than 60 employees, or about 30 per cent of its workforce, on Jan 5.
  • OSL, Fidelity International's digital asset platform, reduces costs by approximately one-third, including a "downsizing"
  • Digital asset manager, Osprey Funds, has laid off 15 employees and is currently operating with fewer than 10 employees, CryptoDaily reported
  • Crypto services company, Prime Trust, laid off about one-third of its staff late in January 2023, largely in communications and compliance, CoinDesk reported
  • Crypto-friendly bank, Silvergate Capital, said in January 2023 that its reducing headcount by about 200 people
  • Non-fungible token marketplace, SuperRare, reduced staff by about 30% in January 2023, according to a tweet from CEO, John Crain
  • Crypto exchange, Huobi, said it’s planning to cut 20% of its workforce, according to a statement in January 2023

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See also

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