Coinbase CEO Brian Armstrong recently announced his intention to lay off another 950 employees as part of a second wave of staff cuts. That is, the crypto company plans to reduce the number of managers by about 25%.
Many other exchanges and blockchain startups are also forced to lay off specialists in order to reduce staffing costs.
As RBC clarifies, since the beginning of January 2023, a total of more than 1,500 employees have been laid off by crypto companies.
For example, on January 5, Silvergate Capital announced that 200 people left the company, the team was reduced by 40%.
Then the administration of the Huobi exchange announced that 240 out of 1200 employees were laid off. On the same day, the Genesis Global Trading platform said goodbye to 30% of managers (more than 60 people).
On January 6, NFT marketplace SuperRare issued a similar statement. The platform’s CEO, John Crane, acknowledged a 19% reduction in staff.