- The crypto market has been down for the past few months
- This has had a major impact on the firms in this segment.
- Some crypto firms have decided to lay off
Recently crypto exchange Crypto.com had informed us about reducing its workforce. Apart from this, BlockFi also announced a reduction in the number of its employees by about 20 percent.
The crypto market has been down for the past few months
Due to the decline in the crypto market for the past few months, some firms belonging to this segment have announced layoffs. However, two major crypto exchanges Binance and Kraken have decided to go ahead with their plan of hiring. Binance, the largest crypto exchange by trade volume, plans to recruit 2,000 employees. Kraken, the fourth largest exchange, has said it will hire more than 500 employees this year.
Binance Chief Executive Officer Changpeng Zhao took a jibe at rival exchanges, tweeting that Binance is preparing for growth this year. Kraken also sparked speculation of a reduction in the workforce after some crypto exchanges announced layoffs. Although. The exchange explained in a blog post that it would not change its hiring plans for this year. The plans for Binance Global, the firm that runs Binance, include working on projects related to Web3. Its unit Binance Labs has secured an investment of approximately $500 million for its Web3-linked fund. Investors include DST Global Partners and Breyer Capital. This fund will help crypto and Web3 startups.
This has had a major impact on the firms in this segment.
Earlier this week, crypto exchange Crypto.com reported reducing its workforce. Apart from this, BlockFi also announced a reduction in the number of its employees by about 20 percent. Coinbase, one of the major crypto exchanges, has also decided to reduce its workforce by about 18 percent.
Some crypto firms have decided to lay off
Coinbase has given this information to the employees affected by this via email. Brian Armstrong, the exchange’s chief executive officer, said in a blog post, “The difficult decision has been taken to reduce our team size by approximately 18 percent. This will ensure the firm’s position during economic slowdowns.” Taking the responsibility of hiring for the exchange, he said that a lot of people were recruited in the last few months and this is now affecting the efficiency of the firm. Exchange offers severance packages and health insurance to employees being fired.