- Gate cryptocurrency exchange has started layoffs.
- According to the workers, 40 to 50 percent of employees may be terminated.
- There has been a surging rate of layoffs across the cryptocurrency sector.
According to a tweet published by Cryponewsland, Gate.io, a company that supports more than 1400 different cryptocurrencies and offers more than 2500 different trading pairings, has begun firing its staff. According to the survey, the percentage of those who have been laid off is unclear.
Notably, workers at Gate have indicated that the speculated percentage of layoffs ranges from forty percent to fifty percent. In addition, the workers would get remuneration equal to N+1 times their current salary.
In response to this revelation, some staff members have already started the process of revoking their authorization. Gate gave the response “regular optimization” when questioned about the demands for communication.
There have been reports of layoffs and a hiring freeze in the cryptocurrency business as of late. As a result of the bear market, several of the largest exchanges have laid off employees and frozen employment offers. Downsizing stock exchanges often point to issues like rapid expansion and unsustainable development as justifications for their actions.
For example, according to recent reports, Huobi is drastically reducing employment, mandating that workers accept their salary in stablecoins, and shutting off internal staff communication channels in an effort to suppress a rebellion.
Huobi advisor Justin Sun, who has been publicly representing the business, rejected the layoffs in an interview with Hong Kong’s SCMP; however, the company has subsequently reversed course, with a Huobi representative confirming the exchange’s intentions to slash personnel by 20%.
Although it is to be anticipated that crypto firms’ long-term goals would take market fluctuations into account, the present market conditions have prompted several to scale down their operations. Many of these investors have been through downturn markets before. Nonetheless, while some businesses are cutting down, others are seizing the chance to grow and develop.
