Crypto Layoffs Continue in 2023: 3 Firms To Announce Job Cuts

The year 2023 started with the news of massive crypto layoffs. On January 05, 2023 cryptocurrency firms like Crypto-friendly bank Silvergate Capital, Genesis, and Huobi announced the job by reducing their workforce by 40%, 30%, and 20% respectively.

And Just five days ago, Crypto.com also said it is cutting its workforce by about 20%. The exchange has around 3500-4500 employees, placing its current round of layoffs at around 700-900 employees.

Hence, within two weeks of 2023 saw around 1,600 crypto-based job cuts on account of implications over market volatility and uncertainty. It is believed that not every department has witnessed the same level of job resignations. Blockchain.com is also reportedly letting go of 28% of its workforce. The job cuts followed its reduction of about 150 staff last year. But the list of crypto layoffs won’t end here as this article features the three firms that are planning to announce job cuts in the near future.

Coinbase is Planning to Cut Around 20%

One of the popular crypto exchanges Coinbase will also become part of crypto layoffs. The company is planning to cut its headcount by around 950 employees as part of a restructuring that it expects to be complete by the end of the second quarter.

Last year in June, Coinbase began shedding jobs after crypto’s bear market started to take hold. CEO Brian Armstrong said at the time that the company had “grown too quickly” during the crypto bull market, expanding to more than 5,000 employees from 1,250 at the start of 2021.

Read More: Layoffs, Lawsuits, Frauds: Crypto Makes Shaky 2023 Start

ConsenSys will also add to Crypto Layoffs

ConsenSys Inc., a blockchain software technology company and the developer of the crypto wallet MetaMask is reportedly laying off 100 employees. At present, it has around 900 employees in its working force. The reason behind this lay-off is undisclosed.

SuperRare is having a Rare Time in 2023

SuperRare is a well-known platform in the NFT space for buying and selling Non-fungible tokens (NFTs). However, since the NFT market tanked by over 65% throughout the previous year, NFT marketplaces are in a tough spot at the moment.

John Crain, the CEO of SuperRare Labs, announced that the company is planning to lay off almost 30 percent of its workforce. Crain explained that the move would help “rightsize” the company after over-hiring has left it with a surplus workforce.

Also Read: Coinbase To Wind Up Operations In Japan Following Crypto Winter?