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Coinbase, Crypto.com, & More Firms Layoff Over 1,600 People In 2023

Crypto companies inducing Coinbase (NASDAQ:COIN), Crypto.com, Kraken, and more are cutting off jobs in 2023.Crypto.com has laid off a total of 2,110 employees since...
Coinbase, Crypto.com, & More Firms Layoff Over 1,600 People In 2023 © Reuters Coinbase, Crypto.com, & More Firms Layoff Over 1,600 People In 2023
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  • Crypto companies inducing Coinbase (NASDAQ:COIN), Crypto.com, Kraken, and more are cutting off jobs in 2023.
  • Crypto.com has laid off a total of 2,110 employees since 2022.
  • Crypto.com founder blames FTX’s downfall for damage within the industry.

Bloomberg Crypto’s official Twitter account posted a list of crypto companies that are cutting off jobs as the crypto industry enters another series of meltdowns in the bear market’s second year.

Amongst all the firms, Crypto.com is leading the list with 2,260 job cutoffs since 2022. Coinbase follows next with 2,110 layoffs alongside Kraken with 1,100 cutoffs. Amber Group, Blockchain.com, and crypto bank Silvergate Capital (NYSE:SI) cut off 300, 260, and 200 jobs, respectively.

Meanwhile, Genesis Global Trading, NYDIG, Galaxy Digital, and Digital Currency Group cut off 112, 110, 60, and 10 jobs, respectively. In the first two weeks of 2023, crypto exchange Huobi, Ethereum software company ConsenSys, and Silvergate shredded more than 1,600 jobs before Crypto.com’s massive layoff.

Coinbase CEO Brian Armstrong addressed his employees in a letter that entailed that the layoffs may continue in the future due to degrading market conditions, and admits that he should’ve proceeded with deeper cuts in 2022 itself.

Additionally, Crypto.com founder Kris Marszalek stated on Friday that he holds FTX’s collapse as the catalyst for significant damage in the industry. He mentioned,

We grew ambitiously at the start of 2022, building on our incredible momentum and aligning with the trajectory of the broader industry…but it did not account for the recent collapse of FTX, which significantly damaged trust in the industry. It’s for this reason, as we continue to focus on prudent financial management.

However, the crypto industry is not the only one braving the cold winds of layoffs and job cuts. As a potential recession looms over global economies, including the US, tech and financial giants Amazon.com Inc (NASDAQ:AMZN)., Goldman Sachs Group Inc (NYSE:GS)., and BlackRock Inc (NYSE:BLK)., are also firing employees on grounds of economic uncertainty in a higher interest rate environment.

The post Coinbase, Crypto.com, & More Firms Layoff Over 1,600 People In 2023 appeared first on Coin Edition.

See original on CoinEdition

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01-05-2024 10:45:17 (UTC+7)

EUR/USD

1.0658

-0.0008 (-0.07%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (3)

EUR/USD

1.0658

-0.0008 (-0.07%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (3)

GBP/USD

1.2475

-0.0015 (-0.12%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (10)

USD/JPY

157.91

+0.12 (+0.07%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

AUD/USD

0.6469

-0.0003 (-0.05%)

Summary

Neutral

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (2)

Sell (3)

USD/CAD

1.3780

+0.0003 (+0.03%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

EUR/JPY

168.32

+0.10 (+0.06%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

EUR/CHF

0.9808

+0.0001 (+0.01%)

Summary

Neutral

Moving Avg:

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Indicators:

Buy (3)

Sell (2)

Gold Futures

2,295.80

-7.10 (-0.31%)

Summary

↑ Sell

Moving Avg:

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Sell (12)

Indicators:

Buy (0)

Sell (9)

Silver Futures

26.677

+0.023 (+0.09%)

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↑ Sell

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Sell (9)

Copper Futures

4.5305

-0.0105 (-0.23%)

Summary

↑ Buy

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Buy (8)

Sell (1)

Crude Oil WTI Futures

81.14

-0.79 (-0.96%)

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Brent Oil Futures

85.62

-0.71 (-0.82%)

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↑ Sell

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Natural Gas Futures

1.946

-0.009 (-0.46%)

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Sell (5)

US Coffee C Futures

213.73

-13.77 (-6.05%)

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Sell (9)

Indicators:

Buy (0)

Sell (10)

Euro Stoxx 50

4,920.55

-60.54 (-1.22%)

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↑ Sell

Moving Avg:

Buy (4)

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Indicators:

Buy (1)

Sell (7)

S&P 500

5,035.69

-80.48 (-1.57%)

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↑ Sell

Moving Avg:

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DAX

17,921.95

-196.37 (-1.08%)

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↑ Sell

Moving Avg:

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Sell (6)

FTSE 100

8,144.13

-2.90 (-0.04%)

Summary

Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (2)

Sell (4)

Hang Seng

17,763.03

+16.12 (+0.09%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (6)

US Small Cap 2000

1,973.05

-42.98 (-2.13%)

Summary

↑ Sell

Moving Avg:

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Sell (12)

Indicators:

Buy (0)

Sell (7)

IBEX 35

10,854.40

-246.40 (-2.22%)

Summary

Neutral

Moving Avg:

Buy (6)

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Buy (3)

Sell (3)

BASF SE NA O.N.

49.155

+0.100 (+0.20%)

Summary

↑ Sell

Moving Avg:

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Sell (12)

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Buy (1)

Sell (7)

Bayer AG NA

27.35

-0.24 (-0.87%)

Summary

↑ Sell

Moving Avg:

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Sell (8)

Allianz SE VNA O.N.

266.60

+0.30 (+0.11%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

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Buy (3)

Sell (5)

Adidas AG

226.40

-5.90 (-2.54%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (2)

Sell (7)

Deutsche Lufthansa AG

6.714

-0.028 (-0.42%)

Summary

Neutral

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (9)

Sell (1)

Siemens AG Class N

175.90

-1.74 (-0.98%)

Summary

↑ Sell

Moving Avg:

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Sell (12)

Indicators:

Buy (0)

Sell (9)

Deutsche Bank AG

15.010

-0.094 (-0.62%)

Summary

Neutral

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (6)

Sell (2)

    EUR/USD 1.0658 ↑ Sell  
    GBP/USD 1.2475 ↑ Sell  
    USD/JPY 157.91 ↑ Buy  
    AUD/USD 0.6469 Neutral  
    USD/CAD 1.3780 ↑ Buy  
    EUR/JPY 168.32 ↑ Buy  
    EUR/CHF 0.9808 Neutral  
    Gold 2,295.80 ↑ Sell  
    Silver 26.677 ↑ Sell  
    Copper 4.5305 ↑ Buy  
    Crude Oil WTI 81.14 ↑ Sell  
    Brent Oil 85.62 ↑ Sell  
    Natural Gas 1.946 ↑ Sell  
    US Coffee C 213.73 ↑ Sell  
    Euro Stoxx 50 4,920.55 ↑ Sell  
    S&P 500 5,035.69 ↑ Sell  
    DAX 17,921.95 ↑ Sell  
    FTSE 100 8,144.13 Sell  
    Hang Seng 17,763.03 ↑ Sell  
    Small Cap 2000 1,973.05 ↑ Sell  
    IBEX 35 10,854.40 Neutral  
    BASF 49.155 ↑ Sell  
    Bayer 27.35 ↑ Sell  
    Allianz 266.60 ↑ Sell  
    Adidas 226.40 ↑ Sell  
    Lufthansa 6.714 Neutral  
    Siemens AG 175.90 ↑ Sell  
    Deutsche Bank AG 15.010 Neutral  
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank8,300/ 8,500
(8,300/ 8,500) # 1,298
SJC 1L, 10L, 1KG8,300/ 8,520
(0/ 0) # 1,510
SJC 1c, 2c, 5c7,380/ 7,550
(0/ 0) # 540
SJC 0,5c7,380/ 7,560
(0/ 0) # 550
SJC 99,99%7,370/ 7,470
(0/ 0) # 460
SJC 99%7,196/ 7,396
(0/ 0) # 386
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KRW15,9219,31
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