Layoffs continue to hit the crypto industry.
French crypto company Coinhouse announced a 15% cut to its workforce on Friday, a spokesperson confirmed with Decipher.
Reports from a local media. BFM indicated The company had laid off 10 people from its total workforce of 70. A year ago the company has reportedly seen its workforce reduce from 100 employees to its current number of 60.
Coinhouse is a Paris-based cryptocurrency broker that allows investors to buy and sell up to 40 different cryptocurrencies.
Founded in 2015, the company became one of the first entities to obtain registration as a digital asset service provider (PSAN) from the French Financial Markets Authority (AMF) in 2020. The company obtained a license from the Luxembourg financial regulator, which will allow it to do business in the Luxembourg market.
The company justified the cuts by pointing to "decreased enthusiasm for Web3 and a fragile global economic environment that is limiting the development of the crypto market and its participants."
โWe are committed to supporting employees who will be leaving the company,โ Coinhouse CEO Nicolas Louvet said in a shared statement.
The move signals the company's transition to helping other companies and institutions shape their Web3 strategies.
Coinhouse has indicated that it will continue to expand its services, including the upcoming launch of a euro account.
The crypto industry and the bear market
Those layoffs closely follow another French crypto industry leader, Ledger, which Announced a 12% staff reduction just two weeks ago.
On the other hand, Yuga Labs, creator of the powerful NFT Bored Ape Yacht Club, also confirmed additional layoffs in early October.
"I realized very quickly that there were a number of projects that, while well-intentioned, spread the team too thin or required execution expertise beyond our core competencies," Yuga Labs CEO Daniel Alegre wrote in an email to the company.
bitcoin is currently 60% below its all-time high of about $69,000 in November 2021, and Ethereum It is down 67% from its high of $4,878 set at the same time.
