those companies that decide to lay off

According to our calculations, in the span of two months, more than 2035 employees in the crypto ecosystem lost their jobs.

Since this weekend, the cryptocurrency market has been under new strong downward pressure, having already experienced a crypto-crash a month ago, with serious consequences for investors, but also for crypto companies.

In fact, the latter are finding it increasingly difficult to withstand the impact and have announced numerous layoffs. According to our calculations, in the space of two months, more than 2,035 employees of the ecosystem lost their jobs. To justify the layoffs, all companies cited the impact of the fall of cryptos in its activity.

Binance versus other cryptocurrency exchanges

On Tuesday, the American giant Coinbase has announced the dismissal of 18% of its employees, corresponding to 1,100 positions. The company wants to make sure it wants to ‘stay healthy’ during the economic downturn, its boss, Brian Armstrong, said in a mail. It must be said that the company has “grown very quickly” as she herself admits, going from 1,250 employees at the beginning of 2021 to more than 4,900.

For its part, the centralized platform Crypto.com, founded in 2016 and boasting 50 million users, is also in poor shape. His boss, Kris Marszalek, announced the dismissal of 5% of his employees, or about 260 people out of 4,000 employees.

A month ago, the cryptocurrency crash had an impact on other platforms across the Atlantic. At the end of May, the Latin American platform Bitso, founded in 2014 and which has more than 4 million clients, announced that it had to divest 80 employees, while until now it had 700 employees. At the same time, the Buenbit platform founded in 2018, based in Argentina, and which has 400,000 users, has laid off 45% of its workforce, that is, 80 employees, going from 180 to 100 employees. For its part, 2TM, the parent company of Brazilian platform Mercado Bitcoin, recently parted ways with 12% of its workforce, or 90 employees.

Similarly, in early June, Bahrain-based platform Rain Finance, launched in 2017, laid off dozens of employees out of a total of around 500 employees according to data from Crunchbase. He did not give precise indications on the number of affected employees.

Contrary to all these societies, Binance has announced plans to hire 2,000 employees.

Loan platforms in crisis

On Monday, the BlockFi cryptocurrency lending and borrowing platform has announced the dismissal of 20% of its staff, that is, 250 people. Founded in 2017, the company grew very quickly, growing from 150 employees at the end of 2020 to more than 850 today. “Unfortunately, after spending a lot of time planning and thinking, this is the next step we now need to take to achieve our profitability goal,” the company said.

But the losses could be even bigger for BlockFi. The company, which has 650,000 customers, specializes in crypto loans and loans in decentralized finance (DeFi). This segment is currently experiencing strong tremors, as evidenced by the situation of the platform Celsius. On Monday, BlockFi wanted to reassure its users, stating that it was not exposed to Celsius or stETH.

Trading platforms are not spared

Recently, the specialized cryptocurrency trading company Gemini has also announced the dismissal of 10% of its employees, that is, approximately 100 people out of a workforce of 1,100 employees. The company has also made the decision to close all of its physical offices. Gemini is valued at $7.1 billion and still manages nearly $30 billion worth of cryptocurrencies.

For its part, the cryptocurrency trading platform BitMex announced the dismissal of 75 people in early April, or 25% of its workforce.

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