Job Cuts Reflect Crypto Winter’s Deep Freeze
The last 12 months or so have been a particularly grueling season for crypto. And as we head into the spring months of 2023, we’re getting a better sense of what the slump in crypto prices has meant for the companies that shape the fledgling industry. One of the biggest consequences digital asset firms are now finding is the need to make job cuts. Since the start of 2023, more than 15 crypto companies have posted labor force cuts including big names like Galaxy Digital, Genesis Global, and Chainanalysis. Some - like Silvergate Capital and crypto lender Amber Group - have cut as much as 40% of their workforce. While that trend is not universal – Circle CEO Jeremy Allaire spoke with Bloomberg a few weeks ago, and said Circle is actually hiring people –what do these cuts say about the general health of crypto? Bloomberg reporter Hannah Miller joins to discuss the latest in the crypto workforce. Subscribe to the Bloomberg Crypto Newsletter at https://bloom.bg/cryptonewsletter See omnystudio.com/listener for privacy information.