What the numbers say: The popular job review platform Glassdoor's data compiled by TrueUp has shown that the number of companies conducting mass layoffs in the crypto and Web3 industry peaked in January compared to the other months over the past year. The upward trend started in November 2022 before seeing a slowdown in April. After March 2023, when the leading cryptocurrencies, including Bitcoin (BTC), experienced a price recovery, the industry was able to breathe a bit more easily in terms of employee circulation. Relevance: The beginning of the increase in mass layoffs coincided with the bankruptcy of the previously third-largest crypto exchange FTX in November 2022. The collapse paved the way for another prolonged crypto winter, which followed the one after the collapse of the multi-billion dollar Terra ecosystem. The market downturn triggered by these high-profile collapses forced many crypto-related firms to go downsize to be able to manage the crisis. Brands that should care: The crypto-related companies having to conduct mass layoffs amid the crypto winter include Coinbase, Crypto.com, Huobi, Chainalysis, Kraken, Gemini, and Anchorage Digital. |
