Giant Crypto Players are Gearing up for More Layoffs

Giant Crypto Players are Gearing up for More Layoffs

The increasing recession in the world has affected almost every growing company and the employees working in it, resulting in many hardworking and talented people losing their jobs. Cryptocurrency platforms are now not untouched by this recession. A handful of popular Crypto exchange platforms, including Huobi, Coinbase, SuperRare, and Genesis, are all set to cut off their workforce to recover from the losses companies faced for the past year. 

One of the major reasons behind this Crypto inflation is the higher interest rates imposed by US Federal Reserve and Central Bank. This all began last year when the world economy started falling due to covid lockdown. The Crypto giants bid a final goodbye to their hardworking employees to heal from this disaster.

Layoffs by Crypto Giants

Amid the inflation, Huobi, the eighth-largest crypto giant, confirmed layoffs on January 6. The company is set to lay off 20 percent of its employees in the next few weeks. The decision has been taken to stabilize the business however, this caused a major loss to the company as the company lost $85 million worth of cryptocurrencies following the circulation of the news of layoffs. 

Genesis, another Crypto giant, will also bid a final goodbye to 30 percent of its employees in the next few months. The decision was taken in the hope of running the business smoothly; however, only time will tell how these layoffs will impact the company’s growth. Another major layoff that will be seen in the next few weeks is from the popular Crypto platform SuperRare Labs, which will reduce 30 percent of its staff in the coming weeks.