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 cited the so-called crypto winter as part of the reason for the cuts, but also stated the firm had been growing “too quickly.”
Market conditions largely have not changed following many decisions to downsize, and other firms have been forced to make cuts. Crypto lending firm BlockFi announced it would be reducing staff by roughly 20% on June 13, and Cointelegraph reported on Thursday that FTX was in the process of finalizing a deal to purchase the platform’s remaining assets for $25 million. BlockFi CEO Zac Prince...
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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...