The prolonged downturn in cryptocurrency prices, along with broader tech sector woes, has led to a growing number of layoffs at crypto firms as participants brace for a bumpier ride ahead.
On Thursday, the Winklevoss-led crypto exchange and custodian Gemini was one of the latest to announce job cuts of about 10% of its workforce, with the firm citing “turbulent market conditions that are likely to persist for some time.” Soon after, Middle Eastern crypto exchange Rain Financial said it was cutting dozens of jobs due to the difficult market.
On top of those pieces of news, the largest publicly-traded U.S crypto exchange, Coinbase Global (COIN), reiterated on Thursday that it would be extending its previously-announced hiring pause and even rescinding accepted job offers as part of cost-cutting maneuvers amid tough market conditions.
"The recent market volatility and subsequent layoffs will likely continue into this summer,” predicted Masha Boone, VP of people at NFT exchange Rarible....
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...