The crypto agency Matrixport, led by former Bitmain CEO Jihan Wu, is shedding 10% of the corporate’s workers, based on studies printed on Friday. Matrixport’s COO, Cynthia Wu, cited a “shift within the regulatory local weather” and “industry-wide capitulations” as causes for the layoffs.
Matrixport Lays Off 10% of Employees as Crypto Winter Continues
Jihan Wu’s Matrixport is letting go of 10% of the agency’s staff, based on a number of studies on Jan. 27, 2023. Bloomberg details that unnamed sources say the corporate’s head of enterprise growth and investor relations has left. The information follows one other Bloomberg report, printed in Nov. 2022, that mentioned Matrixport was seeking $100 million in financing from buyers.
On the time, the corporate told the publication it was participating with buyers. Along with sources from Bloomberg on Friday, the corporate’s COO, Cynthia Wu, confirmed to Coindesk’s Omkar Godbole that the ten% minimize in workers primarily stemmed from Matrixport’s advertising division.
“We’ve sharpened our strategic focus in the direction of accredited buyers given the numerous shift within the regulatory local weather following the industry-wide capitulations. Our groups have been aligned to replicate this variation,” Wu informed Godbole. “We proceed to rent within the areas of compliance, authorized, and product growth, with reductions in advertising impacting 10% of our headcount.”
Matrixport’s layoffs amid the crypto winter are among the many many cryptocurrency and blockchain firms letting staff go. Just lately, Huobi reportedly let go 20% of its staff, and sources detailed this week that Gemini is letting go 10% of the alternate’s workers.
Coinbase reduced its headcount by 950 staff at the start of the 12 months and Superrare minimize 30% of staff across the identical time. Moreover, hundreds of crypto staff have been let go over the last three quarters of 2022. Company giants like Meta, Microsoft, Google, and Amazon have additionally let go giant numbers of staff in current occasions.
What do you concentrate on Matrixport’s layoffs and the hundreds let go from the crypto {industry} as a complete since final 12 months? Share your ideas within the feedback beneath.
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