Despite the rise in the market and the inspiring growth in the value of major crypto assets in January, the trend towards a significant decline in employment continues in the crypto industry.
During January, at least 14 cryptocurrency companies announced new job cuts. In total, 2,900 employees lost their jobs. The latest company to announce layoffs in January was crypto infrastructure provider Prime Trust, which cut its workforce by a third, laying off roughly 100 employees.
Other companies that announced layoffs this month were Matrixport, Gemini, Coinbase, Crypto.com, Luno, Huobi, Digital Currency Group, Silvergate, Blockchain.com, MetaMask, ConsenSys, and SuperRare.
The loss of jobs in the crypto industry was part of a larger reduction in the overall employment market. For example, in January alone, more than 48,000 people lost their jobs at four major companies: Google, Amazon, Microsoft, and Salesforce.
However, despite massive job cuts, Paul Veradittakit, one of the key investors in cryptocurrency hedge fund Pantera Capital, believes that now is the right time to enter the market and create blockchain companies, as “background noise has decreased.”
According to industry experts, more than 28,000 jobs have been lost in the crypto industry since April last year.
Source: Bits
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