The crypto winter continues to hit the industry from all angles, forcing some big players to scale back their expansion plans and layoffs.
As of December 9, 2022, approximately 23,600 employees have lost their jobs in the cryptocurrency sector.
As report, Coinbase tops the list of companies with the most layoffs in 2022, with about 1160 employees out of work. That’s 4.6% of total crypto layoffs this year.
Closely following is Kraken, which laid off about 30% of its workforce, accounting for 1,100 employees. Additionally, Bybit has not fallen behind as he has implemented 1,020 layoffs.
Digital asset company Amber Group, meanwhile, is next on the list, recording 800 emissions in less than a year. Notably, Huobi and Bitpanda were unaffected, with him recording 300 and his 270 layoffs respectively. The list includes Snap, BlockFi, Gemini, and more.
Crypto exchanges that withstand greater impact of market conditions
Statistics show that the general bear market has affected cryptocurrency exchanges more than others in the industry. Recall that most of these exchanges survive on the transaction fees generated by their respective networks.
Nevertheless, as of November 2022, layoffs in the cryptocurrency sector will account for 4% of all tech sector layoffs. report By CoinGecko. The tech sector laid off 100,000 employees, with the consumer tech sector accounting for 15.6% of his total tech layoffs in 2022.
However, as the bear market drags on into the new year, uncertainty remains that crypto firms will not continue the trend of layoffs. Silvergate Capital (SI) has already begun its first mass layoffs of the year after laying off about . 40% of employees.