Cryptos

Crypto Layoffs: Companies Forced to Make Massive Job Cuts. – Entmetrics

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The crypto winter has been relentless and it has continued to hit the industry from all corners. As a result, some of the biggest players in the industry have had to curb their ambitions. Some crypto companies are currently struggling to stay afloat. As a result, many have had to downsize.

Lay off employees

As of July 21, 2022, nearly 3,726 cryptocurrency-related jobs have been lost. On July 21, 2022, blockchain.com cut around 25% of its employees. This means they had to lay off at least 150 of their workforce.

Then, on July 14, OpenSea also downsized. They had to lay off about 20% of their workforce. However, these were just the latest when it comes to crypto companies laying off staff. Take for example Compass Mining, which on July 7 laid off around 15% of its staff. Executive compensation has also been lowered. On July 5, Bullish.com also reported that they had reduced their total staff by approximately 10%.

According to employees who worked there, Cosmos-Builder Ignite also laid off more than half of all its employees. Last June, Huobi Global laid off 30% of its workforce. This was the result of the crackdown in China, which had led to lower revenues. In this way, since April, crypto companies have started laying off their employees.

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