Matrixport Joins Growing List of Crypto and Blockchain Companies Letting Employees Go
The crypto firm Matrixport, led by former Bitmain CEO Jihan Wu, is laying off 10% of the company’s staff, according to reports published on Friday. Matrixport’s COO, Cynthia Wu, cited a “shift in the regulatory climate” and “industry-wide capitulations” as reasons for the layoffs. Matrixport Lays Off 10% of Staff as Crypto Winter Continues
Jihan Wu’s Matrixport is letting go of 10% of the firm’s employees, according to multiple reports on Jan. 27, 2023. Bloomberg details that unnamed sources say the company’s head of business development and investor relations has left. The news follows another Bloomberg report, published in Nov. 2022, that said Matrixport was seeking $100 million in financing from investors.
At the time, the company told the publication it was engaging with investors. In addition to sources from Bloomberg on Friday, the company’s COO, Cynthia Wu, confirmed to Coindesk’s Omkar Godbole that the 10% cut in staff mainly stemmed from Matrixport’s marketing department.
“We’ve sharpened our strategic focus towards accredited investors given the significant shift in the regulatory climate following the industry-wide capitulations. Our teams have been aligned to reflect this change,” Wu told Godbole. “We continue to hire in the areas of compliance, legal, and product development, with reductions in marketing impacting 10% of our headcount.”
Matrixport’s layoffs amid the crypto winter are among the many cryptocurrency and blockchain companies letting employees go. Recently, Huobi reportedly let go 20% of its employees, and sources detailed this week that Gemini is letting go 10% of the exchange’s staff.
Coinbase reduced its headcount by 950 employees at the beginning of the year and Superrare cut 30% of staff around the same time. Additionally, thousands of crypto employees were let go during the last three quarters of 2022. Corporate giants like Meta, Microsoft, Google, and Amazon have also let go large numbers of employees in recent times. Tags in this story Amazon, Bitmain, blockchain companies, ceo, Coinbase, Crypto Winter, Cryptocurrency, downsizing, Financing, Friday, Gemini, Google, Huobi, industry-wide capitulations, investor relations, Investors, Jihan Wu, job loss, layoffs, marketing department, Matrix Asset Management, Matrixport, Meta, Microsoft, personnel reduction, reduction in headcount, reduction in personnel, regulatory climate, Reports, staff, staff cuts, staff trimming, Superrare, workforce reduction
What do you think about Matrixport’s layoffs and the thousands let go from the crypto industry as a whole since last year? Share your thoughts in the comments below. Jamie Redman
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today. Hive Ransomware Network Dismantled by American, European Law Enforcement NEWS | 11 hours ago FTX Lawyers Attempt to Question Bankman-Fried’s Family and Inner Circle for Financial Insight NEWS | 13 hours ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleUS Lawmaker Outlines Priorities to Regulate Crypto and Make America the Place for Blockchain Innovation Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItFollowing a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days
Transaction fees on the Ethereum network are dropping again after average fees saw a brief spike on April 5 jumping to $43 per transfer. 12 days later, average ether fees are close to dropping below $10 per transaction and median-sized ... read more.Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament Argentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments UAE Airliner Emirates to Launch NFTs and Experiences in the Metaverse Survey: Adoption in Argentina Grows, With 12 out of 100 Adults Having Invested in Crypto