Many crypto firms, especially exchanges, are announcing substantial job cuts and hiring freezes amid the prolonged downturn in cryptocurrency and equity markets. By mikeybellusci
On top of those pieces of news, the largest publicly-traded U.S crypto exchange, Coinbase Global ,that it would be extending its previously-announced hiring pause and even rescinding accepted job offers as part of cost-cutting maneuvers amid tough market conditions.
"The recent market volatility and subsequent layoffs will likely continue into this summer,” predicted Masha Boone, VP of people at NFT exchange Rarible. “However, it is important to recognize this as an opportunity to reflect on what is needed in the crypto space and reconsider where the industry is headed from here.”
For her part, Boone told CoinDesk that Rarible was using the turmoil as an opportunity to strengthen its internal development and product teams.Cryptocurrency’s downturn has coincided with a rout in public markets, with interest rate hikes designed to tamp down inflation spooking investors in many high-flying technology and growth equities. And crypto exchanges that may have relied on retail traders during a time of excess liquidity in the system have seen significant slowdowns in trading.
As a result, crypto exchanges have been among the quickest to cut jobs in the current environment. In addition to the moves by Gemini and Coinbase, Argentina-based crypto exchange Buenbit recently
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