Layoffs continue to sweep crypto industry

Redundancies are ongoing with 216 jobs cut across three prominent companies in February already.

Data intelligence firm Chainalysis, open-source software laboratory Protocol Labs, and cryptocurrency exchange Bittrex have laid off 89, 83, and 44 employees respectively, citing difficult market conditions.

Protocol Labs CEO Juan Benet confirmed his company’s layoffs in a blog post on February 3. He explained that the cuts accounted for 21% of the company’s workforce and said that the “crypto winter” had been extended.

Bittrex employees were informed about the layoffs early last week, with CEO Richie Lai sending an email on February 1, saying that the company had resorted to layoffs to ensure its long-term sustainability.

Chainalysis confirmed the layoffs on the same day. Speaking to Forbes, company director of communications Maddie Kennedy, confirmed that 44 employees had been let go. The individuals affected worked primarily in sales and represented an aggregate 4.8% of the company’s workforce. Chainalysis is running at 850 employees following the latest reduction.

Meanwhile, the crypto industry as a whole has seen around 2,900 jobs go between 14 companies this January.

The layoffs are unlikely to slow down, but they may now be focused on non-essential staff as many companies have realized that there are certain areas in which they need to focus, among which are compliance jobs. Previously, Coinbase and Bybit announced layoffs.

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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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