The bear market cycle is beginning to affect the crypto industry workforce as digital currency prices have dropped significantly over the past few months. on June 2, Gemini co-founder Winklevoss brothers, announced that the company would lay off 10% of its workforce. On the same day, Rain Financial, one of the largest digital currency exchanges in the Middle East, revealed that it would have to lay off dozens of employees. Rain’s CEO said that as the cryptocurrency market slowed, it “affected businesses all over the world.”
7 Crypto Firms Forced to Reduce Workforce Numbers
2022 as crypto firms around the world are letting employees go due to the downturn in the crypto bear market. It is starting to look awfully like the second half of 2018. The layoff news started in April when Robinhood announced that it would have to lay off about 9% of its workforce.
In May, Bitcoin.com News reported that Bitso was laying off 80 employees due to the crypto bear market; not long after Bitso’s announcement, Coinbase-backed 2TM, the largest Latin American crypto exchangedetailed that it was laying off about 12% of its employees
“The scenario requires adjustments beyond reducing operating expenses, and that it also requires laying off some of our employees. 2TM has conducted this process transparently and respectfully to honor the legacy of each and every employee who has supported us,” It explains.
Cameron and Tyler Winklevoss published a blog post explaining that 10% of Gemini’s staff will be laid off.” We are writing to update you on the difficult decisions affecting your numbers and the overall size of our team.” Gemini’s co-founder wrote on June 2.” The crypto revolution is well underway and its impact will continue to be profound – but its trajectory has not been gradual or predictable.” The blog post adds.
Bitcoin.com News reported that Coinbase has revealed that it is slowing its hiring process amid the crypto market downturn. Following that report, Coinbase thenrevealed that it had to “rescind a number of accepted offers.” Additionally, another Coinbase-backed company, Rain Financial Inc.saidthat it had to lay off dozens of employees, and Rain’s CEO and co-founder Joseph Dallago blamed the crypto bear market for the decision
“As cryptocurrencies and global markets continue to slow, this, in turn, is affecting businesses around the world,” Dallago said in a statement to Bloomberg author Ben Bartenstein.” We have to make tough decisions so that we can get through this period of uncertainty and make sure we have downsized our workforce in Lane.”
Buenbit’s CEOdetailedBuenbit’s decision to reduce its workforce on May 23.” Federico Ogue writes, “After exponential growth in 2021 for the technology industry, we are going through a phase of global review.” In light of this new situation, we have decided to reduce our staff, suspend our expansion plans, and focus solely on operations in the countries where we currently exist, maintaining a self-sustaining and efficient structure.”
No one knows how long the slump will last, but layoffs are a sure sign of slow growth and a bear market cycle After the 2017 bull run, Bitcoin.com reported. However, when the bear market ended in 2020, the crypto industry saw massive hiring and employers needed help to keep up with demand.
Many firms have already suspended or laid off jobs, but there are still anumber of positionsin the digital currency industry. Fidelity revealed last week that it plans to expand its workforce amid the crypto recession.
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