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Thursday, February 2, 2023

Crisis on cryptocurrency companies: they have laid off more than 10,000 employees

written in Global

America.- According to estimates by employment and economic experts, companies in the cryptoactive sector have laid off more than 10,000 employees so far this year.

Analysis by experts shows that since the collapse of the FTX stock market in mid-2022, the percentage of layoffs varies from 1% to 80% of the company’s workforce due to the fall in the crypto market.

The largest number of layoffs occurred at Crypto.com, Coinbase, and Kraken, with 40%, 18%, and 30%, respectively.

For its part, Open C, a specialized company within the online market for non-fungible tokens, reduced 20% of its workforce.

It should be noted that due to the global economic recession in the middle of this year, there was a wave of layoffs in various virtual currency companies and with this the finances of the said branch were affected.

The first signs of trouble also hit the Latin American companies of the branch and that is that Bitso, MercadoBitcoin, BunBit and Gemini have laid off 10% of their staff since last June.

The depreciation of virtual currencies has continued throughout this year and for this reason companies based in countries such as Australia, Qatar and Canada continue to lay off many of their employees, while the monetary or economic value of these non-physical assets is falling rapidly. Is.

Finally, the well-known US outlet The Wall Street Journal highlighted that most cryptocurrencies have a short shelf life and although they were valued at $64,000 in May, today they stand at $17,000.

World Nation News Desk
World Nation News Deskhttps://worldnationnews.com/
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