Just In: More Crypto Layoffs Continue, Bear Market Not Over?

Anvesh Reddy
July 30, 2022
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
crypto layoff

Even as the cryptocurrency market recovers from a spell of downturn in recent months, the crypto layoffs continue. Crypto bigwigs like Coinbase and Gemini were not spared from financial difficulties arising due to the market losses. Very recently, NFT marketplace OpenSea announced layoff of 20% of its staff citing the downturn. Not just companies, several retail investors withdrew funds from crypto assets in fear of further losses.

Advertisement
Advertisement

CoinFLEX Announces ‘Significant Crypto Layoffs’

In a latest, cryptocurrency exchange CoinFLEX announced its plans to reduce its employee strength. The company said it wants to be a leaner organization to increase chances of successes in business. It said cutting costs would put CoinFLEX in a position cost wise to be able to succeed.

“When we affect the plans around the CoinFLEX Composite distributions, we want to be in a position, cost-wise, to make sure that we have every chance to be a successful business which begins by being a leaner business staffing-wise.”

Advertisement
Advertisement

Job Cuts To Save 60% Costs

This effectively means that the exchange has to cut a big number of employees across all departments and geographies. The decision to effect crypto layoffs would result in saving costs up to 60%, it said. “The staff cuts and non-staff costs that we have made will reduce our cost base by approximately 50-60%. The majority of the team that remain are focused on product and technology, which remains the core of our business.”

In a blog post, the company revealed various updates including the decision to cut jobs. The exchange said it intends to maintain the right size of employee volume. This is keeping in mind any potential acquisition or partnership opportunities, it added. However, the company did not overrule the possibility of new recruitments. We will monitor costs to ensure we operate as efficiently as possible and scale as volumes come back, it explained.

Advertisement
coingape google news coingape google news
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Anvesh reports major crypto updates around U.S. regulation and market moving trends. Published over 1400 articles so far on crypto and blockchain. A proud dropout of University of Massachusetts, Lowell. Can be reached at [email protected] or x.com/BitcoinReddy or linkedin.com/in/anveshreddybtc/
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.