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In The Midst Of The Bear Market Major Crypto Firms Are Reportedly Laying Off Up To 10% Of Its Workforce

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  • According to a representative for the FTX crypto exchange, the company has not laid off any of its current 175 employees at the worldwide exchange or 75 employees at the FTX US, and has no plans to do so in the future.
  • According to its official job opportunities website, Binance, a prominent global crypto exchange, is looking to hire approximately 1,000 people.
  • Robinhood, a popular crypto-friendly trading site, laid off 9% of its workers. The layoffs occurred as Robinhood’s HOOD stock hit all-time lows as part of a longer-term bad slump in cryptocurrency markets.

Previous crypto bear markets resulted in significantly larger layoffs, with some companies, such as ConsenSys, reportedly laying off up to 60% of their workers in 2018. Due to poor market conditions, Gemini, a cryptocurrency trading platform established by brothers Cameron and Tyler Winklevoss, has let off a major portion of its workforce. According to Bloomberg, Winklevoss’ crypto company Gemini Trust reportedly let off 10% of its employees due to the continued bear crypto market.

Turbulent Market Conditions

Gemini will focus on items that are essential to the firm’s goal as part of its first big workforce decrease, the brothers said, adding that turbulent market conditions are expected to persist for some time. According to reports, the notice reads: This is where we are right now, in a contraction phase that is settling into a time of stasis, or crypto winter as our industry calls it. […] The current socioeconomic and geopolitical instability has just added to the confusion. We’re not on our own.

After a number of large industry companies sacked staff or put new hires on hold, the new report was released. Coinbase said in mid-May that it will slow down hiring and examine its personnel to guarantee that it could continue to operate as planned. Previously, Robinhood, a popular crypto-friendly trading site, laid off 9% of its workers. The layoffs occurred as Robinhood’s HOOD stock hit all-time lows as part of a longer-term bad slump in cryptocurrency markets.

The recent crypto sector layoffs are far from unprecedented, since significant crypto markets such as Bitcoin (BTC) have historically moved in cycles, with major bear markets preceding larger gains. During the crypto bear market of 2018, certain companies, including ConsenSys, reportedly laid off up to 60% of its personnel before announcing intentions to hire 600 more.

ALSO READ – Why did VIX creatorRobert Whaley back Grayscale Bid while stepping into the BTC ETF battle?

Binance Looking To Hire Approximately 1,000 People 

However, according to some reports, the current state of the crypto employment market does not appear to be too bleak. According to a representative for the FTX crypto exchange, the company has not laid off any of its current 175 employees at the worldwide exchange or 75 employees at the FTX US, and has no plans to do so in the future.

According to Bitcoin influencer Anthony Pompliano’s crypto hiring website, executives in the crypto and blockchain industries are still hiring, with the PompCryptoJobs website offering roughly 600 available positions at the time of writing. According to its official job opportunities website, Binance, a prominent global crypto exchange, is looking to hire approximately 1,000 people.

Nancy J. Allen
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