In a sea of tech layoffs, Crypto companies are also feeling the heat this far into January 2023. At least 14 crypto firms have announced layoffs, with over 3,000 employees jobless as the industry peeks out of crypto winter. Some of these companies include Coinbase, Gemini, Digital Currency Group, ConsenSys, and Blockchain.com. Read below to learn why Crypto jobs may be at risk even as prices flare up.
Why Are Crypto Companies Laying Off Employees?
January has been a bloody month for crypto employees globally. A lot of Crypto companies announced layoffs in the month. Reports suggest that over 14 companies have laid off at least ~3,000 employees. Though there may not be a specific reason, the overall market conditions are to blame. At the start of the month, crypto exchange Huobi announced a 20% cut in its labor force, as digital asset prices plummeted.
Prime Trust, the crypto infrastructure provider, is the latest company to follow suit in announcing a labor force cut. It has announced that at least a third of its employee base is shutting down. According to the…
