GSR, a major market maker and liquidity provider in this industry, saw less than 10% unemployment during the third quarter.
As reported by The Block, the reason behind the laying off of staff is part of the company’s structural plan to ensure the long-term growth of GSR.
Rich Rosenblum was the co-founder and CEO of GSR. He said that the firm was on the right track last year, with the July expansion of the staff from 25 to 200.
GSR was established by ex-executives of Goldman Sachs in 2013. It is the oldest market maker in crypto. It offers services ranging from market making and non-prescribed trading to risk management services.
Representatives from the company stated that the company aims to increase efficiency and continuity in the development of their business after the expansion period. Technology Trading ability.
Notably, this lay-off takes place amid extremely difficult market conditions and the exodus taking place in the industry. Since the bear markets, only a handful of high-ranking executives have resigned.
Opensea lost its top administrator last week when Brian Roberts, the NFT marketplace Chief Finance Officer, resigned.
Other firms in the industry are also seeing a reduction in their workforce, such as Truelayer, Fintech banking platform. Truelayer announced recently that it would reduce its workforce by 10%.
Swyftx, an Australian cryptocurrency exchange, announced in August that it will be reducing its staff by 21%. In July, the second round of layoffs at crypto exchange Gemini took place.
Coinbase, Crypto.com and other leading companies in the sector are also included. BlockFiThey are also listed on the list as firms that have lost staff in the bear market.
Image source: GSR