News

‘Prolonged Downturn’: Here Are Latest Crypto Companies To Cut Jobs

Published by
‘Prolonged Downturn’: Here Are Latest Crypto Companies To Cut Jobs

Crypto companies such as Coinbase, BitPanda, Gemini, Bybit have already announced layoffs after huge headwinds with the market crash. More recently, another exchange Huobi was said to be considering massive layoff plans due to revenue losses. The crisis surrounding the crypto credit market has made things worse for all stakeholders in the industry.

Advertisement

Anticipating Crypto Winters Over Next Five Years

In a latest, NFT marketplace platform OpenSea announced its decision to layoff 20% of its staff citing the ongoing downturn. Making it even worse, the company indicated that the layoff plan is in anticipation of further crypto winters in the next five years. Devin Finzer, cofounder and CEO of OpenSea, made the statements while announcing the job cuts. He said,

“The changes we are making today put us in a position to maintain multiple years of runway under various crypto winter scenarios. (It is) five years at the current volume. This gives us high confidence that we will only have to go through this process once.”

Finzer said the industry entered an unprecedented combination of crypto winter and broad macroeconomic instability.

Advertisement

‘Winter Is Our Time To Build’

Although the OpenSea layoffs are a concern for the crypto industry, the CEO is optimistic of future prospects in the NFT space. Finzer stressed on having ‘immense conviction’ in the NFT space and in OpenSea’s role in it. “During this winter, we will see an explosion in innovation across the ecosystem. And with the changes we have made, we are in a strong position to continue driving the space forward.”

As with many old timers in crypto space, the OpenSea founder also emphasized on the importance of ‘building’ during the downturn. “Winter is our time to build.” OpenSea’s mission is to build a foundational layer for new, peer-to-peer economies while there is uncertainty, he explained.

Advertisement
Share
Anvesh Reddy

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 anvesh@coingape.com or x.com/BitcoinReddy or linkedin.com/in/anveshreddybtc/

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and 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.
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.

Recent Posts

  • News

CFTC, SEC Launch ‘New Era of Collaboration’ to Clarify Crypto Rules, End Regulation by Enforcement

The U.S. Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC) have entered…

October 31, 2025
  • News

Senate Committee Finalizes Updated Crypto Market Structure Bill Draft, Release Expected In Days

The U.S. Senate committee is set to release an updated draft of the Crypto Market…

October 30, 2025
  • News

€648 Billion Nordea To Allow Customers to Trade Bitcoin-Linked ETFs

Nordea Bank, one of Europe’s largest financial institutions, is allowing customers to trade Bitcoin-linked funds…

October 30, 2025
  • News

Uphold Joins Gemini, Relaunches XRP Debit Card Following SEC Lawsuit Resolution

Uphold has relaunched its XRP Debit Card across the United States following the resolution of…

October 30, 2025
  • Altcoin News

Breaking: XRP Treasury Evernorth Debuts on Nasdaq Under XRPN Ticker After $1B Token Purchase

Evernorth Holdings, a Ripple-backed XRP treasury company, has officially made its debut on Nasdaq under…

October 30, 2025
  • News

BlockDAG Listing Rumors on Coinbase and Kraken Fuel Hype; But Analysts Urge Caution

BlockDAG, a hybrid Layer-1 project currently in its presale phase, is experiencing a surge in…

October 30, 2025