The bears made a gruesome presence this year in the crypto market. The entire market with Bitcoin [BTC] dropped to an unimaginable low of $20K. While panic and fear were the themes of the market, losses were written on every portfolio. In addition to these losses, the bear market cost certain people their bread and butter as well.
The crypto-verse started as a prominent industry that not only posed as a pertinent investment arena but also helped many build their careers. While some emerged as full-time trading and bid adieu to their 9 to 5 jobs, a few others wanted to aid exchanges in building the monumental industry. However, things took a rather disruptive turn with the current bear market.
With the bears ruling the crypto kingdom, exchanges were forced to fire a significant number of people from their respective firms. This big staffing cut further caused commotion in the market.
Here’s a list of every crypto exchange that sacked their employees during the bear market
The Winklevoss twins entered the crypto market years ago with their very own exchange, Gemini. While this exchange proved to emerge as a prominent one in the market, it seems to have done some cost-cutting. The exchange seemed to have jumped on to this whole trend by sacking 10 percent of its workforce.
Cameron and Tyler Winklevoss shared a message with their employees and revealed that “turbulent market conditions that are likely to persist for some time” was the reason behind its decision.
Crypto.com made it big this year. With its hit SuperBowl commercial and celebrity presence, the crypto exchange was at the top of its game. This magnitude of success sort of gave its employees a sense of security. However, the bears didn’t spare this exchange as well.
In an elaborate Twitter thread, the CEO of Crypto.com, Kris Marszalek announced that 260 employees or 5 percent of the corporate workforce would be let go. He added,
This Latin American exchange started its firing spree back in May itself. The crypto exchange entailed 700 employees. However, this list was reduced after 80 of its employees were sacked.
Bitso has a strong presence in Latin America and has a whopping four million users throughout Mexico, Colombia, Argentina as well as Brazil. The exchange said in a statement,
“Our decisions about the people who work in our company are made on the basis of our long-term business strategy and to support our customers and our strategy as a company.”
BitMEX made a lot of noise after it allegedly violated CFTC regulations. Now, staying in sync with its counterparts, BitMEX emerged as one of the first exchanges to lay off employees. Back in April, the crypto exchange bid adieu to 75 employees.
While the crypto exchange revealed that it would operate as normal while streamlining the next phase of the firm.
Prominent trading platform, Robinhood broadened its crypto portfolio this year. The much-anticipated inclusion of Shiba Inu [SHIB] was expected to boost the overall adoption of the platform. However, the crypto bear market decided lay off 9 percent of its full-time workforce.
Vlad Tenev, the CEO of Robinhood wrote,
“To our departing colleagues, thank you for all that you have done in support of Robinhood and our mission, and we wish you well in the future. We will begin reaching out to each of you individually to discuss the next steps, including the significant support we will provide around separation packages, healthcare, and job search assistance.”
Coinbase is undoubtedly one of the top crypto exchanges in the market. However, adhering to the bearish regime, the exchange decided to fire 18 percent of its workforce by Q2 of 2022.
The elaborate blog post had Brian Armstrong, the CEO of Coinbase expressing gratitude to his fired staff while revealing the path ahead.
Earlier this week, along with Coinbase, BlockFi decided to sack 20 percent or 170 employees from its platform. CEO Zac Prince in a Twitter thread noted that it was a rather painful decision for BlockFi.
8. Rain Financials
This UAE-based crypto exchange reportedly downsized its workforce by a huge margin. However, the numbers weren’t revealed.
The co-founder and CEO of the platform, Joseph Dallago revealed that the market’s stagnancy had impacted the firm. He added,
“As cryptocurrencies and global markets continue to slow down, this has, in turn, impacted businesses across the globe. We have had to make tough decisions to be able to navigate through this period of uncertainty, and we can confirm we have downsized our Rain workforce.”
While the crypto-verse has already been in a slump, the community seems to have lost the sense of job security. As exchanges like Binance have persisted in their hiring process, the community awaits any sign of the bull.