The crypto world is still suffering from stigma, which is undoubtedly affecting the gaming market. In the first month of 2023, cryptocurrency businesses tightened their belts, laying off at least 2,900 employees across 14 different businesses.
The crypto infrastructure provider Prime Trust, which reportedly slashed its personnel count by a third, is the most recent company to purportedly start laying off employees. Our CasinoDaddy team works tirelessly, and we suggest you check out our best crypto casino for February 2023!
As of the time of writing, Prime had 312 workers listed on LinkedIn, therefore the reduction would translate to an anticipated 100 personnel reductions.
Other notable layoffs over the past few days include the firing of 30 employees from the cryptocurrency platform Matrixport, according to a Jan. 27 Bloomberg story, and the firing of about 100 employees from the cryptocurrency exchange Gemini, according to a Jan. 23 The Information article.
The biggest job layoff in January was started by cryptocurrency exchange Coinbase, which on January 10 decreased its workforce by about 950 workers.
The cutbacks at its rival exchanges Crypto.com, Luno, and Huobi were followed by cuts to about 500, 330, and 320 personnel, respectively.
As the company navigates a financial crisis, the troubled crypto conglomerate Digital Currency Group (DCG) and its subsidiaries saw major layoffs, firing 485 employees in January alone.
The DCG-owned Luno experienced the largest job losses, followed by the parent company DCG with 66 layoffs, Genesis, a subsidiary lending platform, with 63 job losses, and HQ Digital, an asset management company that closed its doors and affected 26 employment.
The list was completed by the sackings of 200 employees from cryptocurrency bank Silvergate, 110 workers from the Blockchain.com exchange, and 96 employees from MetaMask’s parent firm ConsenSys.
Meanwhile, 20 employees were let go from SuperRare, a nonfungible token (NFT) exchange. These layoffs occurred despite Bitcoin’s (BTC) stellar performance in the month, which saw it approach over $25,000 due to growing institutional demand.
However, the widespread layoffs in the cryptocurrency business were not unique. Just four businesses—Google, Amazon, Microsoft, and Salesforce—fired over 48,000 employees in January alone.
While some would predict even more doom, cryptocurrency hedge fund Pantera Capital asserts that now is the best moment to launch a blockchain business since downturn markets offer “less noise and distraction from creating.”
Overall, it is evident that the world of cryptocurrencies is still recovering from the losses it had a few years ago. However, there is hope that things will return as they used to be. We can still see that Bitcoin is growing in demand and in price.