Major crypto firms reportedly cut up to 10% of staff amid bear market
Previous crypto bear markets triggered much bigger layoffs, with some firms like ConsenSys reportedly firing up to 60% of its workforce in 2018. Gemini, a cryptocurrency trading platform founded by brothers Cameron and Tyler Winklevoss, is the latest industry firm to lay off a significant part of its staff due to unfavorable market conditions.Winklevoss’ crypto business Gemini Trust reportedly cut 10% of its employees amid the ongoing bear crypto market, the founders wrote in a notice to employees on June 2, as Bloomberg reported.As part of its first major headcount cut, Gemini will....
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Binance, Ripple, and Kraken are hiring, while Coinbase, Gemini, and Crypto.com have announced staff cuts. Amid the recent volatility in the crypto market affecting investments and stock prices, many firms made significant staff cuts in the last month while others continued hiring.In June, major crypto exchange Gemini was among the first to reportedly cut 10% of its employees amid the bear market, saying conditions were “likely to persist for some time.” Coinbase and Crypto.com followed, announcing plans to reduce staff by 18% and 5%, respectively. Coinbase CEO Brian Armstrong also cited....
A source close to the crypto exchange reportedly said there were 68 fewer employees on the company’s Slack channel as of Monday, suggesting Gemini had cut roughly 7% of its staff. Cameron and Tyler Winklevoss’ Gemini has reportedly laid off additional staff more than a month after reports suggested the cryptocurrency exchange cut 10% of its employees.In a Monday report from TechCrunch, the news outlet said that a source close to Gemini reported 68 fewer employees on the company’s Slack channel, suggesting the crypto exchange had cut roughly 7% of its more than 1,000 staff. The unnamed....
The boss of the world's largest crypto exchange said we've been through this before as a community. Binance CEO, Changpeng Zhao, commonly known as “CZ,” said in a recent interview that a potential crypto winter is good for business.When asked how Binance will fare during the current crypto winter following reports of recruitment freezes at Gemini and Coinbase, he answered confidently. “It’s not the first time we’ve gone through a crypto winter. If we are in a crypto winter, it would be my third and Binance's second. So it's not the first time we’ve been through this.”Some climbing ahead.....
FTX CEO Sam Bankman-Fried explained that the exchange will continue to “keep growing” during the bear market. Amid unfavorable market conditions, some cryptocurrency-related firms decided to cut their workforce or freeze hiring. However, crypto exchange platform FTX will continue hiring new personnel as the crypto winter continues. In a Twitter thread, FTX CEO Sam Bankman-Fried explained that the exchange will continue to “keep growing,” explaining that they will onboard new staff just as they have done on the market’s better days. Bankman-Fried noted that in February the company slowed....
“Anybody who is getting laid off from a crypto platform and wants to work for FINRA, give me a call," said president and CEO Robert Cook. The United States Financial Industry Regulatory Authority, or FINRA, reportedly plans to “bulk up” its capability to monitor crypto — a move that could include scooping up employees recently terminated from crypto companies.According to a Tuesday Reuters report, FINRA president and CEO Robert Cook encouraged crypto workers who expect to be on the chopping block to reach out to the financial regulator as part of its efforts to increase resources related....