Matrixport Joins Growing List of Crypto and Blockchain Companies Letting Employees Go

The crypto agency Matrixport, led by former Bitmain CEO Jihan Wu, is shedding 10% of the corporate’s workers, based on experiences printed on Friday. Matrixport’s COO, Cynthia Wu, cited a “shift in the regulatory climate” and “industry-wide capitulations” as causes for the layoffs.

Matrixport Lays Off 10% of Staff as Crypto Winter Continues

Jihan Wu’s Matrixport is letting go of 10% of the agency’s staff, based on a number of experiences on Jan. 27, 2023. Bloomberg details that unnamed sources say the corporate’s head of enterprise improvement and investor relations has left. The information follows one other Bloomberg report, printed in Nov. 2022, that stated Matrixport was seeking $100 million in financing from buyers.

At the time, the corporate told the publication it was participating with buyers. In addition to sources from Bloomberg on Friday, the corporate’s COO, Cynthia Wu, confirmed to Coindesk’s Omkar Godbole that the ten% minimize in workers primarily stemmed from Matrixport’s advertising and marketing division.

“We’ve sharpened our strategic focus towards accredited investors given the significant shift in the regulatory climate following the industry-wide capitulations. Our teams have been aligned to reflect this change,” Wu informed Godbole. “We proceed to rent within the areas of compliance, authorized, and product improvement, with reductions in advertising and marketing impacting 10% of our headcount.”

Matrixport’s layoffs amid the crypto winter are among the many many cryptocurrency and blockchain corporations letting staff go. Recently, Huobi reportedly let go 20% of its staff, and sources detailed this week that Gemini is letting go 10% of the alternate’s workers.

Coinbase reduced its headcount by 950 staff at first of the 12 months and Superrare minimize 30% of staff across the identical time. Additionally, 1000’s of crypto staff have been let go over the last three quarters of 2022. Corporate giants like Meta, Microsoft, Google, and Amazon have additionally let go giant numbers of staff in current occasions.

What do you concentrate on Matrixport’s layoffs and the 1000’s let go from the crypto business as a complete since final 12 months? Share your ideas within the feedback beneath.