Cryptocurrency markets hit jobs: Staff loss rises to 30 percent

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The upside trend in the crypto-asset markets, which has been hit by bankruptcies, economic recession and shrinking market, continues to hit employment. Staff losses in leading exchanges such as Huobi and Kraken rose up to 30 percent. Coinbase also announced its third round of layoffs.

The escalating employment contraction continues at full speed as the appetite for crypto-asset markets, triggered by the decline in economic activity and the worsening macroeconomic conditions with high interest rates, as well as the bankruptcy of the giant stock exchanges, has ceased.

According to the news of the website Ekonomim, Coinbase Global, which has recently “staffed” for the third time since last year, announced that it will lay off 950 more people.

The company, which shared that the restructuring would cost between 149 and 163 million dollars, laid off 1,100 people, which corresponds to 18 percent of its total staff, in June, and dismissed more than 60 employees in the recruitment and corporate orientation teams in November. It lost about 86% in value last year.

Coinbase shared that the latest layoffs are part of a plan to cut costs by 25 percent this quarter, while offering at least 14 weeks of basic wages, health insurance, and help with employment to its laid-off employees.

STAFF LOSSES INCREASED UP TO 30 PERCENT

In a statement regarding the layoffs, Coinbase CEO Brian Armstrong stated that the collapse of FTX, which created turmoil in the crypto industry, had a negative repercussion on Coinbase, saying, “We were affected by the ‘unscrupulous actors’ in the industry.” said.

In 2022, the movements that indicate the crypto market has entered a bearish trend with macroeconomic conditions continue to hit employment in the opposite trend in the crypto asset markets, which has been shaken by the economic recession and the shrinking market.

Staff losses at leading exchanges like Huobi and Kraken climbed up to 30 percent, while Coinbase also announced its third round of layoffs.

“Looking back, we could have made more layoffs. We will also terminate a few projects where we were less likely to succeed,” Armstrong said. he said.

The CEO of Coinbase also added that the bankruptcy of some of its major competitors could greatly benefit the company.



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