• Bittrex, a Seattle-based cryptocurrency exchange, is cutting its staff by more than 80 people due to market conditions.
• CEO Richie Lai cited the “new economic environment” as the primary reason for the cuts.
• This follows other crypto exchanges such as Coinbase and Gemini who have also had to make layoffs in light of recent market downturns.
Bittrex Laying Off More Than 80 People
Seattle-based cryptocurrency exchange Bittrex is reducing its staff by more than 80 people, the company confirmed Thursday, citing market conditions. In a leaked email on Twitter, Bittrex CEO Richie Lai told employees the team had been working “aggressively” to reduce expenses and increase efficiencies, but were not successful. The reductions affected at least some employees in most departments across Bittrex, a spokesperson told CoinDesk.
Reason Behind Layoffs
CEO Richie Lai cited the “new economic environment” as the primary reason for the cuts. He wrote that “the market downturn triggered by multiple failures in the crypto ecosystem became an outright collapse by the end of the year,” which prompted them to reset their strategy and balance their investments with this new reality.
Other Crypto Exchanges Make Layoffs
Bittrex is one of many crypto exchanges that announced layoffs in light of sharp declines in cryptocurrency prices and other prominent crypto firms collapsing. In January, U.S.-based exchange Gemini announced a third round of layoffs, while Coinbase said it would cut 20% of its workforce. According to CoinDesk estimates since April more than 29,000 jobs have been lost across the crypto industry based on media reports and press releases.
Job Losses Since April
CoinDesk estimates that since April more than 29,000 jobs have been lost across the crypto industry based on media reports and press releases.
The ongoing pandemic has had significant impacts on various industries all around world – including cryptocurrencies – causing numerous companies to resort to layoffs as they face unprecedented times ahead and recalibrate their strategies accordingly