Layoffs and workforce readjustments themed the tech industry last year, especially in the second half, as players, regardless of size and revenue, grappled with cutting costs amid strained financials fashioned by a worsening macro-economy.
Though the new year has been friendly in the market as to gains witnessed thus far, the redundancy narrative has prevailed at an even more aggressive pace. Citing a source in the know, CoinDesk reported on Tuesday a planned staffing cut by MetaMask developer ConsenSys. The report estimated that about 100 employees will be laid off. Last week, crypto-focused bank Silvergate announced laying off two-fifths of its staff. At the same time, Huobi acknowledged it plans to cut 20% of its global headcount despite prior denials by advisory board member Justin Sun.
Crypto industry licks wounds following brutal battering in 2022
The past six or so months have seen a chunk of staff dismissals in the space, led by centralized trading platforms. Barring Binance, which grew dominant and announced job openings across 2021, these crypto firms, entities or subsidiaries have been resolutely trimming costs.
Centralized exchanges lead to renewed mass cuts
When Kraken said last November that it was letting go of 1,100 employees (30% of the total), it termed the decision as one taken to survive the conditions. The exchange attributed the relentless move to a brutal year where macroeconomic and geopolitical factors weighed heavily on financial markets. Things were more or less the same for Coinbase, another digital asset trading platform, which had announced back in June it would be parting ways with about 1,200 employees. The exchange company conveyed in another round of cuts in November that it would be clearing a further 60 jobs. CFO Alex Haas said that the company is intent on “not wasting a dollar,” adding that it is ready to take further cost-saving action should it deem necessary.
In a separate announcement in early December, ByBit CEO Ben Zhou
