Crypto Catch: Two crypto exchanges layoff a fifth of their staff

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Highlights

  • Employees of leading crypto exchange, Coinbase, will learn their fate later today in an e-mail, according to chief executive, Brian Armstrong
  • Meanwhile BlockFi, which is a smaller company than Coinbase, announced on Monday, a twenty per cent cut in staff numbers, which is equal to 170 people
  • Bitcoin sits just below the US$22K mark after recovering slightly overnight

As the crypto market suffers from yet another downward spiral, crypto exchanges Coinbase and BlockFi are being forced to lay off a fifth of their workforces as they struggle to survive.

Employees of leading crypto exchange, Coinbase, will learn their fate later today in an e-mail, according to chief executive, Brian Armstrong, who said that it would be necessary because their access to the company system will be shut off immediately following their termination.

Armstrong added that around 1,100 employees will be terminated, which is equal to around twenty per cent of their entire staff.

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Meanwhile BlockFi, which is a smaller company than Coinbase, announced on Monday, a twenty per cent cut in staff numbers, which is equal to 170 people.

BlockFi chief executive, Zac Prince, announced that the dramatic downturn in the market has had a negative impact on the company’s growth rate.

The move by both companies follows a tough period for the crypto market, which lost billions off its total market cap on Monday.

This week’s major downturn follows months of decline after the market hit an all time high in November 2021.

Bitcoin, the leading cryptocurrency, has lost twenty-five per cent of its value in the past few days.

Currently Bitcoin sits just below the US$22K mark after recovering slightly overnight.

Meanwhile, Ethereum also stopped its spiral, rebounding around two per cent in the past 24 hours and was recently priced at around US$1,200.

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Image Source @ 2022 Kalkine Media® 

Data Source: CoinMarketCap.com, based on top 100 cryptos. 

Note: Growth from the 24 hours prior to 12:30pm AEDT 

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