Bear market: Some crypto firms cut jobs while others aim for sustainable growth

cointelegraph.com:

To put things into perspective, since November 2021, the total market capitalization of the digital asset industry has plummeted from it’s all-time high of $3 trillion to its current levels of approx. $1.27 trillion, thus showcasing a loss ratio of over 55%.

While this massive monetary downturn can be attributed to a range of factors, including the ongoing Russia-Ukraine war, rising inflation figures and worsening macroeconomic conditions have had a major impact on the crypto job landscape.

For example, earlier this month, Gemini, a cryptocurrency exchange helmed by the Winklevoss twins, announced that the bear market had forced them to lay off nearly 10% of its employees. The brothers noted that as part of their first major headcount cut, Gemini had to shift its focus on products that are “critical” to the firm’s long-term vision and goals. In fact, the brothers conceded that the existing turbulence was likely to persist for a few months at the very least, adding:

There is no denying the fact that the crypto industry has grown from strength to strength over the last couple of years. However, the last six odd months have been anything but pleasant for the market. 

In addition to Gemini, a number of other big-name firms have had to make serious cutbacks in recent months. For example, the second-largest cryptocurrency exchange in Latin America, Bitso, announced late last month that it was letting go of 80 of its employees due to worsening global economic conditions. At the time of the announcement, Bitso had over 700 full-time workers. 

The firm’s staff overhaul is not only a means of tightening its purse strings but also as a way of restructuring Bitso’s day-to-day activities. That said, a representative for the exchange