Coinbase, Crypto.com and Other Firms Fire Over 1,600 People in 2023 from CoinEdition


© Reuters Coinbase, Crypto.com and other companies lay off over 1,600 people in 2023
  • Inducing cryptocurrency companies Coinbase (NASDAQ:), Crypto.com, Kraken and others are cutting jobs in 2023.
  • Crypto.com has laid off a total of 2,110 employees since 2022.
  • Crypto.com founder blames FTX downfall for damage within the industry.

The official Bloomberg Crypto Twitter account has released a list of cryptocurrency companies that are cutting jobs as the cryptocurrency industry enters another series of slumps in the second year of the bear market.

Among all companies, Crypto.com leads the list with 2,260 layoffs since 2022. Coinbase follows with 2,110 layoffs along with Kraken with 1,100 layoffs. Amber Group, Blockchain.com and crypto bank Silvergate Capital (NYSE:) cut 300, 260 and 200 jobs respectively.

Meanwhile, Genesis Global Trading, NYDIG, Galaxy Digital and Digital Currency Group have cut 112, 110, 60 and 10 jobs, respectively. In the first two weeks of 2023, cryptocurrency exchange Huobi, software company ConsenSys and Silvergate destroyed more than 1,600 jobs before Crypto.com’s massive layoff.

Coinbase CEO Brian Armstrong addressed his employees in a letter saying that layoffs could continue in the future due to degrading market conditions and admits that he should go ahead with deeper cuts in 2022 itself.

Additionally, Crypto.com founder Kris Marszalek said on Friday that he believes the FTX crash is the catalyst for significant damage in the industry. He mentioned,

We grew ambitiously into 2022, building on our incredible momentum and aligning with the trajectory of the broader industry… but that didn’t factor in the recent FTX crash, which significantly damaged confidence in the industry. It is for this reason that we continue to focus on prudent financial management.

However, the cryptocurrency industry isn’t the only one braving the cold winds of layoffs and job cuts. As a potential recession looms over global economies, including the United States, tech and financial giants Amazon.com Inc (NASDAQ:)., Goldman Sachs Group Inc (NYSE:). and BlackRock Inc (NYSE:)., are also laying off employees due to economic uncertainty amid higher interest rates.

The post Coinbase, Crypto.com and other companies lay off over 1,600 people in 2023 first appeared on Coin Edition.

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