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Crypto companies are once again tightening their belts, as the bear market enters the second year and the industry suffers from major meltdowns that damage its outlook.
Coinbase Global Inc., Blockchain.com, and Genesis are among companies embarking on a new round of layoffs. The three firms, along with Huobi exchange, crypto bank Silvergate Capital Corp., Ethereum software firm ConsenSys, collectively are shredding more than 1,600 jobs in the first two weeks of 2023. In a letter to employees, Coinbase Chief Executive Officer Brian Armstrong said the industry could see further contagion, and that “in hindsight,” he should have cut deeper last year.
