A growing number of layoffs at Crypto as participants prepare for a bumpier ride . On Thursday, Winklevoss-led crypto exchange and custodian Gemini was among the latest to announce job cuts of about 10% of its workforce, the company said “Turbulent market conditions likely to persist for some time to come.” Shortly after, Middle East crypto exchange Rain Financial said it was cutting dozens of jobs due to the difficult market.
Adding to this news, the largest listed U.S. cryptocurrency exchange Coinbase Global (COIN) reiterated on Thursday that it would be extending its previously announced hiring pause and even withdrawing accepted job offers as part of cost-cutting maneuvers under difficult market conditions.
“Recent market volatility and subsequent layoffs will likely continue into this summer,” predicted Masha Boone, VP of People at NFT Exchange Rarible. to see this as an opportunity to think about what is needed in the crypto space and to reconsider where the industry is going from here.”
Boone for their part, told CoinDesk that Rarible used the turmoil as an opportunity to strengthen its in-house development and product teams )
on retailers at a time of excess liquidity in the system have experienced significant slowdowns. In addition to the moves of Gemini and Coinbase, Argentinian crypto exchange Buenbit recently laid off 45% of its employees, while leading Latin American crypto exchange Bitso cut 80 employees from its workforce of over 700 employees.
“It’s natural for exchanges that are currently seeing lower volumes to take cuts,” said George Sutton, an equities analyst at research firm Craig Hallum. “The beauty of this industry is that there is an abundance of disruptive models in the digital currency and blockchain space to happily hire any available talent. We consider the volume drop to be temporary,” Sutton told CoinDesk via email.
According to Nicholas Strange, founder of Seattle-based hiring firm Crypto, crypto companies with valid use cases and benefits will survive best in the future talent Many crypto companies have had downturns before have gone through and gotten better at managing their treasury, Strange told CoinDesk. Additionally, quarterly venture capital funding remains at an all-time high, and certain VC firms could use this downturn to continue funding promising crypto-related projects, Strange said.
Crypto companies have raised a record $30 billion in venture capital over the past year, and the number of deals in the sector remains unchanged despite the recent decline in cryptocurrency markets high, Morgan Stanley told its clients in a recent note. However, transaction activity is likely to decline going forward, the investment bank noted.
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