Crypto firm Matrixport, led by former Bitmain CEO Jihan Wu, is laying off 10% of the company’s staff, according to reports on Friday. Matrixport COO Cynthia Wu cited a “change in the regulatory climate” and “industry-wide capitulations” as reasons for the layoffs.
Matrixport lays off 10% of its staff as crypto winter continues
Jihan Wu parentport is laying off 10% of the company’s employees, according to multiple reports on January 27, 2023. Bloomberg details unnamed sources say the company’s head of business development and investor relations has left. The news follows another Bloomberg report, released in November 2022, which said that Matrixport was seeking $100 million in investor funding.
At that time, the company saying the publication was interacting with investors. In addition to Bloomberg sources on Friday, the company’s chief operating officer, Cynthia Wu, confirmed To Coindesk’s Omkar Godbole that the 10% cut in staff came mainly from Matrixport’s marketing department.
“We have sharpened our strategic approach towards accredited investors given the significant change in the regulatory climate following the industry-wide capitulations. Our teams have 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 affecting 10% of our workforce.”
Matrixport layoffs amid crypto winter are among many crypto and blockchain companies letting go of employees. Recently, it is reported that Huobi laid off 20% of its employees and sources detailed this week that Gemini is laying off 10% of the exchange’s staff.
coin base reduced its headcount to 950 employees at the beginning of the year and Superrare cut 30% of the staff almost at the same time. Additionally, thousands of crypto employees were laid off during the last three quarters of 2022. Corporate giants like Meta, Microsoft, Google, and Amazon have also laid off large numbers of employees in recent times.
What do you think about the layoffs at Matrixport and the thousands laid off from the cryptocurrency industry as a whole since last year? Share your thoughts in the comments below.
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