Cryptocurrency market down fall saw billions of dollars vanish in the market. Since the market crash, a lot of the players of the sphere such as investors, crypto exchanges, top CEO’s and institutions have suffered huge losses. These are the players that have been directly affected by the crypto market crash and are the ones to be suffered the most.
The impact of crypto market implosion was not only confined to direct players of the market. Professionals such as developers, technical teams and many more also were impacted devastatingly due to the market crash. Many exchanges to cut their costs and to recover the losses, have started applying the method of reducing the work force. In the process the crypto companies are either firing people or are rescinding from the job offers given.
Crypto.com and BlockFi to implement the method of reducing the workforce.
According to the reports, crypto exchange Crypto.com and lending platform BlockFi, are in process of eliminating or rejecting more than 400 jobs, joining the ever-expanding list of crypto exchanges, who are looking to cut their costs by reducing their head count.
According to CEO of Crypto.com Kris Marszalek, the company is planning to cut 5% of its workforce, which equals to about 260 people. BlockFi’s CEO Zac Prince also claimed that their company was looking to cut at least 20% of the workforce, which will be equaling around 170 people.
Crypto exchanges on a streak of firing people.
Picture Credits: CryptoNewsz
To cope up with the tremendous loss in the crypto market implosion, the crypto exchanges have chosen the method of cutting off or reducing the head count of their respective companies as a cost cutting method. The cryptocurrency market is seeing a downward trend for past couple of months after reaching a peak of about $3 Trillion in November. The world’s largest cryptocurrency ‘Bitcoin’ has witnessed fall in price for 12 weeks straight.
Not only, Crypto.com and BlockFi, but also crypto exchanges such as Gemini, Rain Financial have implemented the method of reducing their head count to help the company revive by saving costs. Not only that, one of the biggest crypto exchanges Coinbase, went on to declare that it would be rescinding some job offers and would pause hiring to cut costs.
Writer’s Report:
It is certainly evident that the crypto exchanges are seriously considering the reduction of headcount to cut costs and save moneys of the company. The actual problem by this method is that, they have a possibility of loosing out on employees who can actually put in the work ethics to save the company. The other defect of this approach is that, there is no guaranteed results, which means, reducing headcount and cutting cost doesn’t guarantee the company that the market will be revived and brought back to normalcy.
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