Crypto Firms Are Cutting More Than 1,600 Jobs Already This Year
- Coinbase, Crypto.com among firms making further job cuts
- Dismissals coincide with downsizing of tech, finance sectors
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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, Genesis and Crypto.com are among companies embarking on a new round of layoffs. The four firms, along with exchange Huobi, crypto bank Silvergate Capital Corp. and Ethereum software firm ConsenSys, collectively are shedding thousands of jobs in the first two weeks of 2023 — with a tally of more than 1,600 lost even before Crypto.com.