Crypto Firms Make Job Cuts Amidst Ongoing Crypto Winter

In response to the current cryptocurrency winter, many cryptocurrency companies have been cutting jobs. As they prepare for a “longer slump”, these companies decided to retain “impactful” staff members.

In total, at least 216 jobs were eliminated by three different cryptocurrency firms. These companies include Protocol Labs (open-source software laboratory), Chainalysis (blockchain data firm), and Bittrex (cryptocurrency exchange). Each company had a reduction in their workforce of 89, 44, and 83 employees, respectively.

Juan Benet (CEO of Protocol Labs), the firm that introduced Filecoin, stated that the company would be cutting jobs as it needed to focus its workforce on “the most business-critical and impactful projects.”

He claimed that the firm had concluded that it was best positioned to “weather this prolonged winter” by eliminating “89 job opportunities,” which is approximately 21% of its total staff.

Benet stated that cryptocurrency businesses are currently facing “very difficult” conditions and that they should prepare for “a longer slump.”

Richie Lai, Bittrex CEO, emailed workers on February 1st to inform them that the company was reducing its workforce to “maintain long-term health”

The email was inappropriately shared on Twitter on February 2. Lai stated that, despite efforts by the leadership team over the past several months to reduce expenditures and increase efficiency, they have not been able to achieve the desired “results.” Lai stated that efforts have not produced the desired results.

Lai stated that the current market conditions required a reevaluation in the company’s approach as well as an adjustment of the company’s “investments to the new economic environment.”

According to records, Bittrex had 83 jobs eliminated in Washington on February 2, 2018.

Maddie Kennedy, Chainalysis’ director of communications, stated to Forbes that 44 of its 900 employees were fired on February 1. This represents 4.8% of the workforce. Kennedy claimed that those who were fired were mainly employed in sales.

These layoffs follow reports that at least 2900 employees were fired in January by 14 different cryptocurrency organizations.

Coinbase was the company that saw the largest reductions in personnel, with 950 employees leaving their jobs on January 10.

This was the same time that rival cryptocurrency exchanges Crypto.com and Luno laid off approximately 500 employees each, 330 employees and 320 employees respectively.

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