Crypto Retrenchment Persists With Over 2,000 Jobs Lost in 2023
- Coinbase, other exchanges have announced sweeping layoffs
- Other parts of the crypto sector have seen job cuts too
This article is for subscribers only.
The digital-assets industry has shed more than 2,000 jobs in the first two months of 2023, as companies continued to retrench even as crypto prices staged a partial recovery.
US cryptocurrency exchange Coinbase Global Inc. this week indicated that more layoffs could be in store, after cutting 20% of its workforce in January. Other trading venues including Crypto.com, Huobi Global, Gemini and Luno also announced job cuts in the past two months. Exchanges’ revenues are reliant on retail trading, which has been slow to pick up after a wave of failures and scandals ripped through the sector last year.