has cut close to 2,000 of its staffers

It was believed that 1,000 staff were to lose their jobs, but a new report suggests it’s double that many. is understood to be cutting between 30 and 40% of its workforce, or more than 2,000 people’s jobs.

The news from Ad Age, published on Thursday, has dampened the hopes of many tech specialists for finding a job in the cryptocurrency industry.

It means that the previously reported number, of around 1,000 people posted in June, was an understatement. began to downsize around the same time that the industry experienced one of its biggest shocks with the crash of the Luna and Terra USD., which was supposed to buy UEFA Champion League rights in September, reneged on the $495m deal, a sure indicator of the company trying to refocus capital internally and plug financial holes.

Splurging on sports events, teams, and even home stadiums has become the norm in cryptocurrency circles, with everyone doing it.’s rivals, Binance and FTX, have both invested in various sports facilities and overall exposure to sports audiences.

According to Ad Age, nearly 60% of all layoffs came from non-corporate and non-executive positions. also pulled out of supporting a Twitch esports streaming deal, despite esports fans being some of the most forward-thinking potential adopters of cryptocurrencies and digital assets in general.

The new numbers serve as a warning sign of what unbridled growth without accounting for major disruptions can lead to.

Meanwhile others, including FTX and Binance, have not relented in their hiring potential. Both companies have been expanding in key regions such as the Middle East and North Africa and have been consolidating their standing globally.

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Written by Alex


Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.

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