[ad_1]
In 2022, nearly 27,000 people lost their jobs in the cryptocurrency industry. Photo: Getty
The cryptocurrency industry has seen a series of job cuts throughout 2022 and, just days into the new year, another round of layoffs is set to hit the struggling sector.
In 2022, nearly 27,000 people lost their jobs in the cryptocurrency industry, according to a report by Coindesk.
Today, Huobi Global, a Seychelles-based cryptocurrency exchange and one of the biggest players in the industry, plans to cut 20% of its workforce.
Check: Live Crypto Prices
Huobi is ranked number 18 by trading volume in a list of global cryptocurrency exchanges.
Watch: Web3 sectors to watch in 2023 | The Crypto Mile
A spokesperson for Huobi told Cointelegraph on Friday: With the current state of the bear market, a very lean team will be maintained going forward.
“Personnel optimization aims to implement the brand strategy, optimize the structure, improve efficiency and return to the top three.
The expected layoff rate is around 20%, but it is not being implemented now.”
So far in 2023, two other cryptocurrency-related companies have implemented job cuts.
On January 5, crypto lender Genesis Global Trading laid off 30% of its staff.
This was a reduction of approximately 62 employees, bringing its total workforce to 145.
Genesis is owned by Digital Currency Group (DCG), which is also the parent company of CoinDesk.
DCG suffered serious injuries following its exposure to the collapse of crypto hedge fund Three Arrows Capital in 2022.
In the interlocking pool of crypto loans, DCG owes the Winklevoss Twin Gemini trading platform around $900 million.
On Sunday, Gemini publicly reached out to DCG boss Barry Silbert to try to collect funds owed to its users. Silbert has yet to respond, but a positive resolution to DCG’s woes is needed for the crypto industry to start the new year on a stable footing.
Another round of crypto-related job cuts was announced on January 5, when crypto bank Silvergate Capital cut 200 jobs, or around 40% of its workforce.
Silvergate Capital saw massive withdrawals in the fourth quarter as investors rushed to withdraw their crypto deposits after the collapse of cryptocurrency exchange FTX in early November 2022.
The story continues
Read more: FTX bankruptcy sees 80,000 UK crypto investors lose funds
Total digital asset customer deposits in the banking platform fell to $3.8 billion ($3.12 billion), from $11.9 billion at the end of the third quarter. This is a decrease of approximately 68%.
The cryptocurrency market saw its value increase on Monday, with the total market capitalization increasing by 3%.
Among the top 10 blue chip cryptocurrencies, Cardano (ADA-USD) performed best and was up almost 17% in the past 24 hours to $0.32 at the time of writing.
The second most valuable cryptocurrency, ethereum (ETH-USD), also saw a reversal in muted crypto price action over the Christmas period, rising 4.26% to $1,317.
Bitcoin (BTC-USD) broke the psychological mark of $17,000 to $17,243 at the time of writing.
Watch: Web3: Venture Capital Keeps Flowing Into Crypto, Says Head Of Outlier Ventures | The Crypto Mile
|
Sources 2/ https://news.google.com/__i/rss/rd/articles/CBMiVGh0dHBzOi8vdWsuZmluYW5jZS55YWhvby5jb20vbmV3cy9jcnlwdG8taW5kdXN0cnktam9iLWN1dHMtMjAyMy1odW9iaS0xNDI5NDQ0NTEuaHRtbNIBXGh0dHBzOi8vdWsuZmluYW5jZS55YWhvby5jb20vYW1waHRtbC9uZXdzL2NyeXB0by1pbmR1c3RyeS1qb2ItY3V0cy0yMDIzLWh1b2JpLTE0Mjk0NDQ1MS5odG1s?oc=5 The mention sources can contact us to remove/changing this article |
[ad_2]