News Report
June 02, 2022

The crypto winter is leading to industry lay-offs

The crypto winter is leading to industry lay-offs

As crypto maintains its bearish stance, firms are resorting to lay-offs and hiring freezes to reduce the chances they won’t see the next crypto spring.

The latest in layoffs comes to us from Winklevoss Capital’s Gemini who, in a memo, plan a 10% reduction in the workforce. Further, Bitso dumped 80 people while Robinhood laid off nine percent of its workforce in the face of reduced interest in day trading. Finally, Coinbase announced a hiring freeze.

“This is where we are now, in the contraction phase that is settling into a period of stasis — what our industry refers to as ‘crypto winter.’ This has all been further compounded by the current macroeconomic and geopolitical turmoil. We are not alone,” the Winklevoss brothers wrote.

What this means in real terms is still unclear. The crypto jobs market is definitely still hot with Solidity programmers rumored to be making in the six figures and endless NFT and crypto projects still cluttering crypto Twitter. That said, when exchanges are looking to cut corners this could suggest they overinvested in their own produce – got high on their own supply – or, barring that, they know something we don’t.

And when’s the last time that happened in crypto?

Read related posts:

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

John Biggs is an entrepreneur, consultant, writer, and maker. He spent fifteen years as an editor for Gizmodo, CrunchGear, and TechCrunch and has a deep background in hardware startups, 3D printing, and blockchain. His work has appeared in Men’s Health, Wired, and the New York Times. He has written eight books including the best book on blogging, Bloggers Boot Camp, and a book about the most expensive timepiece ever made, Marie Antoinette’s Watch. He lives in Brooklyn, New York.

More articles
John Biggs
John Biggs

John Biggs is an entrepreneur, consultant, writer, and maker. He spent fifteen years as an editor for Gizmodo, CrunchGear, and TechCrunch and has a deep background in hardware startups, 3D printing, and blockchain. His work has appeared in Men’s Health, Wired, and the New York Times. He has written eight books including the best book on blogging, Bloggers Boot Camp, and a book about the most expensive timepiece ever made, Marie Antoinette’s Watch. He lives in Brooklyn, New York.

Hot Stories
Join Our Newsletter.
Latest News

From Ripple to The Big Green DAO: How Cryptocurrency Projects Contribute to Charity

Let's explore initiatives harnessing the potential of digital currencies for charitable causes.

Know More

AlphaFold 3, Med-Gemini, and others: The Way AI Transforms Healthcare in 2024

AI manifests in various ways in healthcare, from uncovering new genetic correlations to empowering robotic surgical systems ...

Know More
Read More
Read more
Bitfinex: Bitcoin Jumps 39.5% In Nine Days, Indicating Surge In Investor Interest
News Report Technology
Bitfinex: Bitcoin Jumps 39.5% In Nine Days, Indicating Surge In Investor Interest
November 21, 2024
Bybit Launches Gold & FX Treasure Hunt Competition, Offering Real Gold Rewards
News Report Technology
Bybit Launches Gold & FX Treasure Hunt Competition, Offering Real Gold Rewards
November 21, 2024
Gate Group Introduces Gate Crypto Card, Offering Seamless Global Crypto Payments For EEA Residents
News Report Technology
Gate Group Introduces Gate Crypto Card, Offering Seamless Global Crypto Payments For EEA Residents
November 21, 2024
Sui Blockchain Experiences Downtime: No Blocks Produced For Over An Hour
News Report Technology
Sui Blockchain Experiences Downtime: No Blocks Produced For Over An Hour
November 21, 2024