• Since April, an estimated 26,964 crypto jobs have been cut due to the bear market in the industry.
• On Jan. 5, crypto lender Genesis Global Trading laid off 30% of its staff, reducing its headcount by an estimated 62 employees.
• Crypto bank Silvergate Capital also cut 200 jobs, about 40% of its workforce, on Jan. 5.
The crypto industry has been in the midst of a bear market since April of this year, and it has had a devastating effect on the industry. CoinDesk has been keeping a running list of companies that have been forced to lay off employees in order to stay afloat. By our count, an estimated 26,964 crypto jobs have been lost since April.
The most recent news of layoffs came on Jan. 5, when Genesis Global Trading, a crypto lender owned by Digital Currency Group, laid off 30% of its staff, reducing its headcount by an estimated 62 employees and bringing its total roster to 145. Another crypto bank, Silvergate Capital, also announced the same day that it was cutting 200 jobs, about 40% of its workforce.
Earlier in December, crypto trading firm Amber Group announced that it was cutting 40% of its workforce, reducing its headcount from around 100 to 60 employees. In October, crypto exchange Coinbase laid off 30 employees, citing the need to “better align” its resources with its long-term goals.
The bear market has had a ripple effect, with companies across the industry feeling the pinch. In November, crypto analytics firm Chainalysis cut 12% of its staff, while blockchain incubator ConsenSys laid off 13% of its workforce. Blockchain security firm BitGo and crypto payments company Wyre both laid off 10% of their staff in October.
The job cuts are likely to continue as the bear market persists. It remains to be seen how long the market downturn will last, and how many more people will be affected by it. However, one thing is clear: the crypto industry is in the midst of a difficult period, and many are paying the price.