Bittrex Cuts 80 Jobs
• Seattle-based cryptocurrency exchange Bittrex is reducing its staff by more than 80 people due to the new economic environment.
• The market downturn triggered by multiple failures in the crypto ecosystem caused the company to reset their strategy and balance investments.
• This is part of a larger trend, with Coinbase, Gemini and other exchanges announcing layoffs as well.
Economic Impact on Crypto Exchanges
The recent economic downturn has had a massive impact on the crypto industry, leading to job losses across multiple exchanges and companies. According to CoinDesk, since April more than 29,000 jobs have been lost due to crypto industry instability. Bittrex has now joined this list with the announcement of cutting more than 80 personnel from various departments within the company.
Bittrex CEO’s Statement
In a leaked email on Twitter, Bittrex CEO Richie Lai told employees that they had been trying to reduce expenses and increase efficiencies but were unsuccessful due to “multiple failures in the crypto ecosystem”. He noted that this led to an “outright collapse” which necessitated a resetting of strategy and balancing investments according to the new economic environment.
Other Exchanges Making Cuts
Bittrex is not alone in making such cuts; U.S.-based exchange Gemini announced a third round of layoffs in January while Coinbase said it would cut 20% of its workforce at around the same time. These developments point towards an increasingly uncertain future for many businesses operating in the crypto sector as market conditions remain volatile and unpredictable.
Overall, it appears that many businesses within the crypto space are struggling due to unfavorable market conditions and are having to make difficult decisions regarding staffing levels as a result. While this may be necessary for some companies’ survival, it still creates an uncertain outlook for employees who may soon find themselves without work despite their best efforts.