Chainalysis, Protocol Labs, & Bittrex Contribute To Crypto Layoff Season

Executives in cryptography said that the “They had to cut jobs to “get through this long crypto winter” when things were “very hard.”

Several crypto companies have cut jobs this week because of the ongoing crypto winter. However, they have kept “impactful” workers as they prepare for a “longer downturn.”

Three crypto companies—open-source software lab Protocol Labs, blockchain data business Chainalysis, and U.S. cryptocurrency exchange Bittrex—cut 216 employees. 89, 83, and 44 employees lost their jobs, respectively, at Protocol Labs, Chainalysis, and Bittrex.

On February 3, Protocol Labs CEO Juan Benet announced the employment layoffs. He said that the company had to focus its staff on the most important and business-critical efforts.

He said that the reason the company decided to cut “89 roles,” or about 21% of its staff, was to make sure it was ready to “weather this extended winter.”

Benet advised the firm to “prepare for a longer downturn” due to the “extremely challenging” crypto market. On February 1, Bittrex CEO Richie Lai emailed staff saying the firm has slashed employment to protect the long-term survival of the business.

The email was leaked on Twitter on February 2. In it, Lai said that even though the leadership team has been “working aggressively” for the last few months to cut costs and improve efficiency, their efforts have not produced the “results necessary.”

Lai also said that the company had to change its strategy because of the way the market was doing. He said that the company had to balance its investments with the new economic environment.

On February 2, data about jobs in Washington State showed that Bittrex had cut 83 jobs.

Chainalysis’s director of communications, Maddie Kennedy, told Forbes on Feb. 1 that 44 of the company’s 900 workers, or about 4.8% of the staff, were let go. Most of these people worked in sales.

These layoffs come after news that at least 2,900 people lost their jobs in January at 14 crypto companies.

The most layoffs were at Coinbase, which fired 950 people on January 10. At competitor crypto exchanges Crypto.com, Luno, and Huobi, 500, 330, and 320 positions were slashed.

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