Crypto firm Matrixport cuts its workforce by 10%

[ad_1]

Matrixport, a Singapore-based crypto investment and lending firm, has confirmed with Decrypt that it is making cuts to its marketing department, affecting 10% of its nearly 300 employees.

The company was founded in 2019 by entrepreneur Jihan Wu, who became a billionaire thanks to the success of crypto-mining maker Bitmain Technologies.

Matrixports COO Cynthia Wu told Decrypt via email that the layoffs reflect the company’s new focus on accredited investors given the significant change in the regulatory climate following the US sellouts. industry-wide, noting that hiring continues in other departments, namely compliance, legal and product. development.

2022 has been a tumultuous year for crypto, with major events like the implosion of crypto exchange FTX in November and the collapse of Terra in May. Both events led to the exit of billions of dollars from the crypto markets.

According to Matrixport, the company has a monthly trading volume of $5 billion, with $10 in assets under management.

Reshuffle at Matrix Asset Management

According to information from Bloomberg, Damien Loh, CEO of Matrix Asset Management, and IZ Wong, head of business development and investor relations, have also resigned.

Matrix Asset Management is also owned by Jihan Wu, but the company only lists four employees, including Loh and Wong, on its LinkedIn page.

Yu Yee Woo, the chief operating officer of Matrix Asset Management, reportedly said the company was transitioning to new management, pending regulatory review.

Matrix Asset Management did not immediately respond to Decrypts’ request for comment.

Stay up to date with crypto news, get daily updates in your inbox.

[ad_2]