- Three crypto-centric firms announced laying off 10 to 30% of their workforce.
- These firms are BitMEX, Galaxy Digital, and Digital Currency Group.
- Changes made by these firms were due to the damage brought by the recent crypto market crash.
Three crypto-centric firms announced laying off 10% to 30% of their staff in just 12 hours amid the turmoil brought on by the recent crypto market collapse.
In a recent tweet from Wu Blockchain, crypto firms BitMEX, Galaxy Digital, and Digital Currency Group have either fired or planned to fire their employees in order to survive the market slump.
BitMEX, a P2P crypto-products trading platform, has reportedly planned to take out 30% of its staff as part of the change from the firm’s “beyond derivatives” strategy. According to a BitMEX spokesperson, the firm is focusing on liquidity, latencies, and a vibrant derivatives community, such as BMX Token trading. As a result, the firm decides to lay off 30% of its workforce due to the “undesirable consequence,” brought by this new strategy.
On the other hand, the crypto fintech firm Galaxy Digital Holdings Ltd. plans to cut down one-fifth or “as much as 20% of its workforce”, as per a report from Bloomberg. This means that out of 375 reported employees, 75 of them might lose their job when the final number was concluded. The decision of the New York-based firm to lay off employees was due to the “backdrop of a digital-assets market downturn.”
Lastly, Digital Currency Group, a crypto-focused venture capital firm, has reduced 10% of its workforce as part of its restructuring, according to Bloomberg. In addition, the firm also promoted its Chief Operating Officer Mark Murphy to President. The changes in DCG are part of the preparation for the firm’s next phase of growth, as per a DCG spokesperson.
Recommended News :
disclaimer read moreCrypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
