Crypto exchange Bittrex and crypto analytics firm Chainalysis announced job cuts in early February, but Bitcoin (BTC) is on a steady upward trajectory.
Bittrex will permanently lay off 83 people on February 4, according to the U.S. Bureau of Employment Security. websiteMeanwhile, Chainalysis plans to send 44 employees home, according to Forbes. report.
Bittrex
Bittrex’s total staff numbers are unknown.The company 284 LinkedIn employees, 384 employees according to GrowJo data; and 156 Employees, according to ZoomInfo figures. Calculating with GrowJo’s data, his 83 layoffs represent his 21.6% of the total staff at Bittrex.
An internal message sent by Bittrex co-founder Richie Lai to all employees reads: leaked on Twitter on February 1st. In his message, Lai said:
“The market downturn caused by multiple failures in the crypto ecosystem completely collapsed by the end of the year. These events forced us to reset our strategy.”
Chainalysis
The 44 people that Chainalysis will lay off represent 4.8% of the company’s total 900 employees.
Chainlysis communications director Maddie Kennedy has announced a “reorganization” of less than 5% of the company’s workforce, adding that most staff will take on new roles and the majority of sales reps will be laid off. .
However, according to information obtained by Forbes, the main reasons for the layoffs, in addition to the company’s desire to launch new products focused on the financial sector, were “as digital asset prices and trading volumes plummeted. Demand from the private sector collapsed.”
