The crypto sell-off of the last several days was preceded by staffing cuts at several companies in the business of facilitating the trading of decentralized assets and tokens. Reductions at Gemini and Crypto.com were superseded today by news that Coinbase is cutting more than 1,000 staff. Given that Coinbase and other crypto exchanges were high-flying success stories of 2021, the retreat may feel surprising.
How could companies like Coinbase, which reported massive growth and huge profits last year, now be in a position where they would need to slash staffing? This isn’t to overly focus our attention on exchanges; other companies in the larger web3 space are also under fire, including BlockFi, which also recently cut staff.
The answer to the sharp swap from rapid staffing to personnel cuts at exchanges, however, is something that we can actually understand with reasonable clarity. It boils down to this: Costs scaled at crypto exchanges as their revenues grew. Now, as their top lines...
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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...