Slashes Workforce Crypto Industry Downturn

The crypto ecosystem is facing significant headwinds as its course corrects from the challenges of the last yr. To higher balance product offerings with demand, we’ve made the difficult decision to scale back operating costs and headcount to rightsize the corporate. currently has about 280 employees left, after starting up with 160 members firstly of 2021.

The corporate added that each one affected employees can be receiving severance packages. Nevertheless, the packages will differ depending on the country an worker resides.

Crypto Corporations That Have Cut Their Workforce

The industry as a complete has had a choppy begin to 2022, which has even prolonged to the start of 2023. Among the largest crypto firms have also cut their workforces significantly.

Earlier this week, Coinbase, which happens to be some of the renowned exchanges on the planet, announced its plans to terminate one-fifth of its current workforce, which might mean the lack of 950 jobs.

Kraken, one other crypto platform, also stated that it might adopt a cost-cutting strategy after it shut down operations in Japan. It added that the shutting down of the Japan operations could potentially render 30% of its present workforce jobless.

Recently, one other exchange,, announced plans to scale back its workforce by 20% with a purpose to discover a solution to work through the industry-wide crisis that has been exacerbated by the FTX downfall. is headquartered in Singapore, and that is the second round of employment terminations because the exchange previously fired 250 employees in 2022. This meant that over 2,000 positions have been cut by

A Ray Of Hope By Binance

Crypto exchange Binance has continued to defy the tumultuous times witnessed by the industry. In recent developments, the exchange has received a license to operate in Sweden. Moreover, the exchange has been hiring while other exchanges have cut their workforces significantly.

Recently, Binance CEO Changpeng Zhao (CZ) revealed that the exchange intends to extend its workforce by one other 15%–30%.

Binance can be happening a hiring spree for the second time within the last yr, because the exchange hired almost 5,000 employees last yr. Binance has also received licenses in seven nations over the past two years, fuelling the exchange’s hiring spree.

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