The crypto winter is leading to industry lay-offs


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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?

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Disclaimer

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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.

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