Which Crypto Companies are laying-off workers?

Hi HODLers,

Lots of layoffs being announced lately, here are the most important of the past 2-3 weeks!

Coinbase

Hiring freeze. Polemic over may rescinded offers
Need to lay off 1,100 of its workers and prepare for an “extended” crypto winter, slashing its workforce by 18%

For your information. all the employees being fired will receive a minimum of 12weeks severance package.

BlockFi

Plan to reduce its headcount by roughly 20%

“decision was driven by market conditions that have had a negative impact on our growth rate and a rigorous review of our strategic priorities.”

Crypto.com

Laying off 5% of its company or 260 members of its workforce to "ensure continued and sustainable growth for the long term"

Sounds crazy when we all remember they paid:

$1.4 billion in becoming a sponsor for the FIFA World Cup and putting its name on what was previously the Staples Center in Los Angeles
Paid an additional $100 million for Matt Damon to star in Crypto.com’s Super Bowl commercial

WARNING: Crypto.com has always been the most fishy CEX out there and I wouldn't be surprise if a black swan event happens to them!

Gemini

Cutting approximately 10% of its workers, citing:

“turbulent market conditions that are likely to persist for some time.”

Bitso

Largest cryptocurrency exchange by volume in Latin America. They are cutting 80 of its 700 employees! (>10%)

Conclusion

Party is over for Stonks and Cryptocurrencies, smartest companies in the space know what happens id you do not adapt your costs ASAP to a changing economic environment.

Even if each of these layoffs is painful to read, I believe this is what needs to be done for our industry to thrive in the future!

Stay safe out there,

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