Crypto firm Matrixport, led by former Bitmain CEO Jihan Wu, has laid off 10% of the company’s staff, according to reports published Friday. Matrixport COO Cynthia Wu cited a “shift in the regulatory climate” and “industry-wide compromises” as reasons for the layoffs.
Matrixport lays off 10% of staff as Crypto Winter continues
Jihan Wu’s subsidiary, Matrixport, has announced that it will let go of 10% of the company’s employees, according to multiple reports on January 3. 27, 2023. Bloomberg clarifies that unnamed sources say the company’s head of business development and investor relations has departed. This news follows another Bloomberg report, published in November. In 2022, he said, Matrixport was seeking $100 million in financing from investors.
At that time the company Tell The post she was dealing 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 have sharpened our strategic focus toward accredited investors given the significant shift in the regulatory climate following industry-wide concessions. Our teams have been curated to reflect this change,” Wu told Goodpolie. “We continue to hire in the areas of compliance, legal, and product development, with reductions in Marketing affects 10% of our employees.
Matrixport layoffs amid crypto winter are among several cryptocurrency and blockchain companies letting employees go. Recently, it was reported that Huobi had left 20% of its staff, and this week sources said that Gemini had left 10% of the exchange’s staff.
Coinbase cut 950 employees at the start of the year and cut Superrare 30% of the staff Around the same time. Additionally, thousands of crypto employees have been let go during the last three quarters of 2022. Giants like Meta, Microsoft, Google, and Amazon have also let go of large numbers of employees recently.
What do you think of the Matrixport layoffs and thousands of layoffs from the cryptocurrency industry as a whole since last year? Share your thoughts in the comments below.
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