Crypto Retrenchment Persists With Over 2,000 Jobs Lost in 2023
The digital-assets industry has shed more than 2,000 jobs in the first two months of 2023, as companies continued to retrench even as crypto prices staged a partial recovery.
US cryptocurrency exchange Coinbase Global Inc. this week indicated that more layoffs could be in store, after cutting 20% of its workforce in January. Other trading venues including Crypto.com, Huobi Global, Gemini and Luno also announced job cuts in the past two months. Exchanges' revenues are reliant on retail trading, which has been slow to pick up after a wave of failures and scandals ripped through the sector last year.
Layoffs have been widespread among other types of crypto businesses too. Chainalysis, a company that specializes in tracking digital-asset transactions and counts Singapore's GIC among investors, in early February announced job cuts. Brevan Howard-backed researcher Messari has trimmed its workforce by 15%, CoinDesk has reported.
Here are some of the crypto job cuts announced or reported so far in 2023:
Elliptic
Blockchain analytics firm Elliptic is laying off 20 employees or about 10% of its staff, DL News has reported.
Messari
The crypto data and exchange platform has cut 15% of its workforce as part of a restructuring effort, according to CoinDesk.
Immutable
The Australia-based blockchain-gaming firm has made layoffs affecting 11% staff, according to The Sydney Morning Herald.
Polygon Labs
The main operator of Polygon blockchain announced that it has let go around 100 employees, or 20% of its workforce, as part of a consolidation of business units.
GSR
One of the oldest market makers in crypto eliminated about 20 positions in January, the second round of job cuts at the firm.
Magic Eden
The nonfungible token marketplace
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