Cryptocurrency companies tightened their budgets in the first month of 2023, with at least 2,900 cryptocurrency employees laid off at 14 cryptocurrency companies in January.
The latest company to initiate a layoff is reportedly crypto infrastructure provider Prime Trust, which has cut its headcount by a third according to reports.
The reduction would equate to an estimated staff cut of 100 or more, as Prime had 312 employees at LinkedIn at the time of writing.
Other recent cuts in recent days include the layoff of 30 employees of the Matrixport crypto platform according to a Bloomberg report on Jan. 27. reportwhile a previous January 23 report The Information said that approximately 100 employees have been laid off from the Gemini cryptocurrency exchange.
The biggest layoff for the month of January was initiated by cryptocurrency exchange Coinbase, which reduced its workforce by about 950 employees on January 10.
Your peer-to-peer exchanges crypto.commoon and Huobi it followed with reductions of around 500, 330 and 320 employees respectively.
Beleaguered crypto conglomerate Digital Currency Group (DCG) and its similarly subsidiaries saw significant layoffs with 485 workers laid off in January alone as the firm navigate a financial crisis.
DCG-owned Luno recorded the most layoffs, while DCG cut 66 employees, its lending platform subsidiary Genesis shed 63 jobs and its asset management firm HQ Digital shut down, affecting 26 jobs.
Related: Crypto Contracting Executives Reveal Most Secure Jobs Amid Layoff Season
Rounding out the list were the 200 staff members Get carried away by crypto bank Silvergate, the 110 employees Court of the exchange Blockchain.com and the 96 employees laid off from MetaMask's parent company, ConsenSys.
In the meantime, 20 staff members were fired from the SuperRare non-fungible token (NFT) market.
These staff cuts came despite Bitcoin (BTC) strong performance in the monthtargeting nearly $25,000 as institutional demand has continued to rise.
However, the large-scale layoffs from the crypto industry were not isolated. Some 48,000 people only in January were let go of just four companies: Google, Amazon, Microsoft and Salesforce.
While some may believe there is more pessimism ahead, crypto hedge fund Pantera Capital believes there is never been a better time to start a blockchain company that claims bear markets provide “less construction noise and distraction.”
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