• Bittrex, a Seattle-based crypto exchange, is cutting more than 80 people from its staff due to the “new economic environment”.
• The job cuts come as part of a wider trend across the crypto industry due to falling cryptocurrency prices and the collapse of FTX exchange.
• Since April, more than 29,000 jobs have been lost across the crypto industry.
Bittrex Crypto Exchange 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 that the team had been working “aggressively” to reduce expenses and increase efficiencies but were not successful.
Reasons For Job Cuts
CEO Richie Lai cited the “new economic environment” as the primary reason for the cuts. He said that “the market downturn triggered by multiple failures in the crypto ecosystem became an outright collapse by the end of the year” which led them to reset their strategy and balance their investments with this new economic environment.
Part Of A Wider Trend
The reductions affected at least some employees in most departments across Bittrex and it is part of a wider trend across other exchanges like Gemini and Coinbase who also announced layoffs in January due to sharp declines in cryptocurrency prices and other prominent crypto firms collapsing.
Crypto Industry Job Losses
CoinDesk estimates that since April more than 29,000 jobs have been lost across the crypto industry based on media reports and press releases. These job losses are likely to continue if market conditions don’t improve soon.
The news of Bittrex laying off more than 80 people serves as another reminder that market conditions can drastically affect businesses within this space and highlights how important it is for investors to be aware of potential risks associated with investing in cryptocurrencies.