Three Large Crypto Firms Layoff 10-30% of their Workforce

Three Large Crypto Firms Layoff 10-30% of their Workforce
  • 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.

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Bryan is a gamer who became genuinely interested in crypto after his initial exposure to Play-to-Earn games like Axie Infinity and Pegaxy. He has basic knowledge of technical analysis and is keeping an eye out for interesting developments in the metaverse and GameFi space.