Several crypto companies have cut jobs this week amid the ongoing crypto winter, retaining “shocking” employees as they prepare for a “longer recession.”
At least 216 jobs were cut across three crypto companies: open source software lab Protocol Labs, blockchain data company Chainalysis, and American cryptocurrency exchange Bittrex, with reductions of 89, 83, and 44 employees, respectively.
Juan Benet, CEO of Protocol Labs, parent company of Filecoin (FIL), announced the job cuts in a blog mail on February 3, stating that the company has had to focus its workforce "on the most impactful and business-critical efforts."
He asserted that the company's decision to cut "89 positions", approximately 21% of its workforce, was to ensure that well positioned to "resist this prolonged winter."
Benet suggested that the company should "prepare for a longer recession" as it has been an "extremely challenging" time for the cryptocurrency industry.
Meanwhile, CEO Richie Lai informed Bittrex employees via email on Feb. 1 that the company has reduced its workforce to “ensure the long-term viability” of the company.
The email was filtered out via Twitter on February 2, in which Lai stated that despite the leadership team "working aggressively" to reduce expenses and increase efficiencies over the past few months, the efforts have not produced the "necessary results" .
Lai added that market conditions have forced the company to reset its strategy and balance its "investments with the new economic environment."
According to Washington State Employment data on February 2 it was revealed that Bittrex removed 83 jobs.
Related: Crypto Contracting Executives Reveal Most Secure Jobs Amid Layoff Season
Maddie Kennedy, Director of Communications at Chainalysis, said Forbes on February 1 that those "primarily in sales" at the company were laid off, as 44 of its 900 employees, about 4.8% of the workforce, were cut.
These layoffs come after the news that at least 2,900 employees split into 14 crypto companies in January.
Coinbase had the largest layoffs among those companies, cutting 950 of his staff it's january 10
Meanwhile, competing exchanges Crypto.com, Luno, and Huobi saw reductions of roughly 500, 330, and 320 employees respectively.
Cointelegraph has reached out to Protocol Labs, Chainalysis, and Bittrex for comment, but did not receive a response by press time.
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