The world is currently plagued with various economic problems. Most disturbing is the impact of inflation on the economy and the geopolitical situation. In addition to the increase in interest rates, making the risky market less attractive in the eyes of investors. Major economies are beginning to show signs of recession forcing industry to cut back. The crypto market is no exception, where it is worse.
Most recently, cryptocurrency exchange BitMEX is reportedly planning to cut its staff by 30% in the latest example of an industrial company taking the decision to lay off workers.
The report comes a week after CEO Alexander Höptner stepped down. The ongoing market slump has sparked layoffs at many crypto-related companies, and Seychelles-based derivatives trading venue BitMEX appears to be the latest example.
According to Chinese journalists, the firm intends to lay off nearly a third of its entire workforce. Last week, BitMEX CEO Alexander Höptner announced his resignation after nearly two years at the helm. His successor is CFO Stephen Lutz.
On the other hand, also participating in the process of large-scale layoffs is the crypto organization led by Mike Novogratz also plans to reduce its workforce. Different sources claim the company may lay off 50 to 75 employees or up to 20% of its total workforce.
Previously, Gemini, CryptoCom, Huobi, Coinbase, Bybit and others have taken similar steps. The world's largest cryptocurrency exchange, Binance is among the few that decided to expand its team despite the negative macroeconomic environment.
Chief Executive Officer Changpeng Zhao assured in June that the platform was still strong and even intended to add staff.
