Crypto Exchange Layoffs - A Brief Sample
It seems like a parallel age looking back to even the start of the year when Coinbase announced that 'nearly the entire company will shut down' for four week long breaks in 2022 to allow workers to recharge.
By the time we got to summer things had deteriorated in cryptoland to the point where staff welfare had turned to staff reduction - with gusto.
The data presented here is a sampling of the news from Q2 2022 of crypto exchange redundancies. As the crypto winter has gripped the markets with Bitcoin (-70% from the highs) and other coins in freefall, so too that ‘go go’ recruitment mentality has evaporated for many players.
True, Binance and FTX are still proclaiming they will add headcount but right now there appear to be far too many crypto exchanges with too many staff chasing too little turnover and of course there is that problem of cost. Crypto exchanges remain expensive for transactions compared to their legacy counterparts in stock and futures markets…
It’s been a bruising year to date for the crypto exchanges as this data shows and it remains to be seen whether these companies are being pre-emptive or have moved too late to control headcount but with as can be seen below, many exchanges have been cutting double figures or more of their headcount - a vast reversal from the position as recently as the start of this year when there was apparent consensus headcounts would be rising considerably.
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You can also check out the “Magnificient 7” and “Oceans 11”, which illustrate the relative value of the CEO’s salary in exchanges, and also the NSE India Unholy Fiasco of fines.
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