Crypto Winter Presses On: NFT Marketplace OpenSea Layoffs 20% Of Its Workforce

The largest non-fungible token (NFT) marketplace by trade volume, Opensea, has announced the company has let 20% of its staff go after CEO Devin Finzer said the layoffs were due to a combination of “crypto winter and broad macroeconomic instability.” Opensea’s decision follows the startup surpassing $31 billion in all-time NFT sales volume, and the company adding a variety of new support features. Opensea CEO Reveals Company Layoffs Opensea joins the growing list of crypto asset companies announcing layoffs this year, as the crypto market downturn has....

The bear market in Bitcoin and altcoins has had a negative impact on staffing levels at major crypto companies, including exchanges, lending platforms and marketplaces. Nonfungible token (NFT) marketplace OpenSea announced mass layoffs on Thursday, joining other crypto companies in reducing headcount during one of the most volatile periods in the industry’s history. Co-founder and CEO Devin Finzer took to Twitter Thursday afternoon to disclose that his company was laying off up to 20% of its staff. In a long message conveyed to employees, Finzer blamed “an unprecedented combination of....

Mercado Bitcoin, one of the biggest Brazilian cryptocurrency exchanges, has announced a new wave of layoffs amidst a worsening global economic situation for fintech startups, which the exchange states is affecting innovation-based companies. The exchange laid off 15% of its workforce on September 1st, this being the second round of layoffs the company has executed in three months. Brazilian Exchange Mercado Bitcoin Announces New Wave of Layoffs Cryptocurrency companies in Latam and all over the world are being negatively affected by the recent downturn in crypto and traditional....

The crypto markets are going through a rough phase. Bitcoin has crashed more than 70% in 8 months. Amidst the crash, several companies are laying off their employees, desperately trying to save cash. However, not all companies are facing the hammer of fate. Bit.com, the second-largest crypto options exchange, seeks to double its workforce amidst layoffs. But why? Let’s explore. The Crypto Recession Crypto winter is frequently used in the cryptocurrency, DeFi and blockchain industry to denote the current recession that has hit the industry after it made phenomenal gains in 2021. The global....

Workers weigh up their futures in the cryptocurrency economy as tough market conditions lead to more staff cuts at prominent firms. Bleak market prospects continue to afflict the cryptocurrency ecosystem as prominent firms face the tough reality of reducing their workforce to ensure their long-term viability. Nonfungible token (NFT) marketplace OpenSea has established itself as an industry leader in its category. Still, its own success has not been enough to weather the potential length of the so-called crypto-winter.The company announced that it would reduce its employee numbers by 20% in....