Gemini, Coinbase, and Crypto.com have all announced workforce cuts, while crypto lending platform BlockFi yesterday said it would be forced to “significantly” reduce its staff due to the current market conditions.
It’s been a tough few weeks for the cryptocurrency market. Bitcoin and other major cryptos have seen their prices decline significantly. In what has been interpreted as a sign of market instability, some of the industry’s top players have started to shed staff. Coinbase laid off about 15% of its workforce, while Binance – currently the world’s largest crypto exchange – has said that it is planning on hiring.
Binance is making the most of the crypto winter—its CEO said the exchange was “expanding hiring right now.”
In the digital asset space, many exchanges and big firms are cutting staff as the price of pretty much everything plummets. Businesses are feeling the pinch as the value of cryptocurrencies falls.
The price of Bitcoin, the largest and most well-known cryptocurrency, has fallen by more than 50%, while Ethereum the second-largest cryptocurrency by market capitalization, is also down by more than 60%.
FTX CEO Sam Bankman-Fried last week said on Twitter that the exchange was “going to keep pushing forward” and is hiring Ryan Watt, CEO of Polygon Studios It’s clear that FTX is committed to expanding the exchange watch this space!