- Many crypto companies are laying off their employees amid the crypto crash.
- Some of the most prominent include Coinbase, Robinhood, and Crypto.com.
- Meanwhile, Binance is hiring more employees to gear up for the bullish future.
Many crypto-centric companies have announced multiple layoffs amid the ongoing crypto market crash. This is upsetting as all markets seem to be having a tough time. However, the crypto industry seems to be taking the brunt of it.
According to the tweet from Blockworks, seven significant companies have announced layoffs. In detail, BitMex, BlockFi, and Coinbase are laying off 25%, 20%, and 18%, respectively.
Likewise, Gemini and Bitso are laying off 10% of its workforce. Lastly, Robinhood and Crypto.com are laying off 9% and 5%, respectively. While these may seem like low numbers, the workforces of these companies are large, meaning many have lost their jobs.
For instance, Coinbase’s 18% amounts to about 1,000 employees. Indeed, it seems the crypto crash has hit many companies very hard. Many financial experts are anticipating a massive recession on the horizon. Will the market recover in time or will it lead us to the recession?
In contrast, some companies see the overall bear market as a spring that will soon launch the crypto industry into an inevitable bull market. Therefore, some are gearing up for a future boom. To highlight, Binance made plans to hire 2,000 new employees. These will range from engineering, marketing, and business and product personnel.
Many crypto enthusiasts have unwavering faith in the crypto market and are sure a recovery will come when the time is nigh. MicroStrategy’s CEO, Michael Saylor, is one such believer. Even after an unrealized loss of over $1 billion in Bitcoin investments, the CEO stands by Bitcoin (BTC). He says “We expected Bitcoin volatility and will HODL through adversity.”
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