Crypto exchange Bittrex to lay off 30% of employees

Cryptocurrency exchange Bittrex will lay off 30% of its staff. 83 out of 284 employees will lose their jobs. The corresponding notification was submitted by the company to the US Department of Employment.

The layoffs will affect all departments of the company. And all employees who have been made redundant will receive compensation in the amount of two months of earnings plus additional benefits. The exchange has a daily turnover of around $19,846,416 and is currently ranked #32 on the list of top crypto exchanges according to CoinGecko.

Bittrex has added to the list of companies that have resorted to layoffs in order to survive after a disastrous 2022. Major U.S. cryptocurrency exchange Kraken announced a 30% staff cut at the end of November. Back in the summer, after the collapse of Luna, the marketplace continued to hire staff, but news of the bankruptcy of FTX forced management to reconsider their strategy.

In early November, another US exchange, Coinbase, also cut 60 jobs. In early January, the exchange was covered with a second wave of layoffs – another 950 people were asked to leave.

In mid-January, the Crypto.com platform also followed the example of its colleagues and announced a reduction in staff. Layoffs affected 20% of the company’s employees.

Gemini, a major US cryptocurrency exchange founded by brothers Cameron and Tyler Winklevoss, announced a 10% staff cut in late January.

This week, the upcoming cuts were announced by chainalysis, an analytics firm that tracks cryptocurrency transactions. It will cut almost 5% of the staff.

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