those companies that have decided to lay off

According to our calculations, in two months more than 2035 employees of the crypto ecosystem lost their jobs.

Since this weekend, the cryptocurrency market has been under strong new downward pressure after having already experienced a fall. crypto crash a month ago with serious implications for investors, but also for crypto companies.

The latter are indeed finding it increasingly difficult to withstand the shock and have announced numerous layoffs. According to our calculations, over 2035 employees of the ecosystem lost their jobs in two months. To justify the layoffs, all companies cited the impact of the cryptocurrency crash on their business.

Binance vs other cryptocurrency exchanges

On Tuesday, US giant Coinbase announced it was laying off 18% of its employees, which equates to 1,100 positions. The company wants to make sure it wants to “stay healthy” during the economic downturn, its boss Brian Armstrong said in a post. It must be said that the company “grew very fast,” as she herself admits, growing from 1,250 employees at the beginning of 2021 to more than 4,900 people.

For its part, the centralized platform Crypto.com, founded in 2016 and with 50 million users, is also in poor condition. His boss, Chris Marszalek, announced the layoff of 5% of the employees, or about 260 people out of 4,000 employees.

A month ago, the collapse of the cryptocurrency also affected other platforms on the other side of the Atlantic. At the end of May, the Latin American platform Bitso, which was founded in 2014 and has more than 4 million customers, announced that it was forced to part ways with 80 employees, while until now it had 700 employees. At the same time, the Buenbit platform, founded in 2018 in Argentina with 400,000 users, laid off 45% of its workforce, or 80 employees, from 180 to 100 employees. For its part, 2TM, the parent company of Brazilian platform Mercado Bitcoin, recently laid off 12% of its workforce, or 90 employees.

Similarly, in early June, Bahrain-based platform Rain Finance, which launched in 2017, laid off dozens of its roughly 500 employees, according to data from Crunchbase. He did not give precise indications of the number of relevant employees.

Unlike all of these companies, Binance has announced that it wants to hire 2,000 employees.

Lending platforms in turmoil

Cryptocurrency lending and borrowing platform BlockFi announced on Monday that it was laying off 20% of its workforce, or 250 people. Founded in 2017, the company has grown very quickly, from 150 employees at the end of 2020 to over 850 today. “Unfortunately, after spending a lot of time planning and thinking, we now have to take this step to reach our profitability goal,” the company said.

But the losses for BlockFi could be even greater. Claimed by 650,000 customers, the company specializes in cryptocurrency lending and decentralized finance (DeFi) borrowing. This segment is currently experiencing strong shocks, as evidenced by the situation with the Celsius platform. On Monday, BlockFi wanted to reassure its users by pointing out that it was not exposed to either Celsius or stETH.

Marketplaces do not regret

Recently, cryptocurrency trading company Gemini also announced the layoff of 10% of its employees, or about 100 people out of 1,100 employees. The company has also made the decision to close all of its physical offices. Gemini is valued at $7.1 billion and still manages about $30 billion worth of cryptocurrencies.

For its part, cryptocurrency trading platform BitMex announced the layoff of 75 people in early April, or 25% of its workforce.