Matrixport Joins Growing List of Crypto and Blockchain Companies Letting Employees Go

The crypto steadfast Matrixport, led by erstwhile Bitmain CEO Jihan Wu, is laying disconnected 10% of the company’s staff, according to reports published connected Friday. Matrixport’s COO, Cynthia Wu, cited a “shift successful the regulatory climate” and “industry-wide capitulations” arsenic reasons for the layoffs.

Matrixport Lays Off 10% of Staff arsenic Crypto Winter Continues

Jihan Wu’s Matrixport is letting spell of 10% of the firm’s employees, according to aggregate reports connected Jan. 27, 2023. Bloomberg details that unnamed sources accidental the company’s caput of concern improvement and capitalist relations has left. The quality follows different Bloomberg report, published successful Nov. 2022, that said Matrixport was seeking $100 million successful financing from investors.

At the time, the institution told the work it was engaging with investors. In summation to sources from Bloomberg connected Friday, the company’s COO, Cynthia Wu, confirmed to Coindesk’s Omkar Godbole that the 10% chopped successful unit chiefly stemmed from Matrixport’s selling department.

“We’ve sharpened our strategical absorption towards accredited investors fixed the important displacement successful the regulatory clime pursuing the industry-wide capitulations. Our teams person been aligned to bespeak this change,” Wu told Godbole. “We proceed to prosecute successful the areas of compliance, legal, and merchandise development, with reductions successful selling impacting 10% of our headcount.”

Matrixport’s layoffs amid the crypto wintertime are among the galore cryptocurrency and blockchain companies letting employees go. Recently, Huobi reportedly fto spell 20% of its employees, and sources elaborate this week that Gemini is letting spell 10% of the exchange’s staff.

Coinbase reduced its headcount by 950 employees astatine the opening of the twelvemonth and Superrare chopped 30% of staff astir the aforesaid time. Additionally, thousands of crypto employees were fto spell during the past 3 quarters of 2022. Corporate giants similar Meta, Microsoft, Google, and Amazon person besides fto spell ample numbers of employees successful caller times.

What bash you deliberation astir Matrixport’s layoffs and the thousands fto spell from the crypto manufacture arsenic a full since past year? Share your thoughts successful the comments below.

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