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The crypto agency Matrixport, led by former Bitmain CEO Jihan Wu, is shedding 10% of the corporate’s employees, based on stories revealed 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 Workers as Crypto Winter Continues
Jihan Wu’s Matrixport is letting go of 10% of the agency’s staff, based on a number of stories on Jan. 27, 2023. Bloomberg details that unnamed sources say the corporate’s head of enterprise improvement and investor relations has left. The information follows one other Bloomberg report, revealed in Nov. 2022, that mentioned Matrixport was seeking $100 million in financing from traders.
On the time, the corporate told the publication it was partaking with traders. Along with sources from Bloomberg on Friday, the corporate’s COO, Cynthia Wu, confirmed to Coindesk’s Omkar Godbole that the ten% reduce in employees primarily stemmed from Matrixport’s advertising and marketing division.
“We’ve sharpened our strategic focus in the direction of accredited traders given the numerous shift within the regulatory local weather following the industry-wide capitulations. Our groups have been aligned to replicate this transformation,” Wu instructed Godbole. “We proceed to rent within the areas of compliance, authorized, and product improvement, with reductions in advertising and marketing impacting 10% of our headcount.”
Matrixport’s layoffs amid the crypto winter are among the many many cryptocurrency and blockchain firms letting staff go. Not too long ago, Huobi reportedly let go 20% of its staff, and sources detailed this week that Gemini is letting go 10% of the alternate’s employees.
Coinbase reduced its headcount by 950 staff initially of the yr and Superrare reduce 30% of staff across the identical time. Moreover, hundreds of crypto staff have been let go over the past three quarters of 2022. Company giants like Meta, Microsoft, Google, and Amazon have additionally let go massive numbers of staff in latest instances.
What do you consider Matrixport’s layoffs and the hundreds let go from the crypto {industry} as an entire since final yr? Share your ideas within the feedback under.
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