Matrixport Joins Growing List Of Crypto And Blockchain Companies Letting Go – Bitcoin News

by Arthur · January 28, 2023

Matrixport joins the growing list of crypto and blockchain companies that are letting employees go

Crypto firm Matrixport, led by former Bitmain CEO Jihan Wu, is laying off 10% of the company’s employees, according to reports published on Friday. Matrixport’s COO, Cynthia Wu, cited a “shift in the regulatory climate” and “industry-wide capitulations” as reasons for the layoffs.

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Matrixport lays off 10% of staff as Crypto Winter continues

Jihan Wu’s Matrixport is letting go 10% of the firm’s employees, according to multiple reports Jan 27, 2023. Bloomberg reports that unnamed sources say the company’s head of business development and investor relations has left. The news follows another Bloomberg report, published in November 2022, which said Matrixport was seeking $100 million in funding from investors.

At that time the company told the publication it was engaged with investors. In addition to Bloomberg sources on Friday, the company’s COO, Cynthia Wu, confirmed to Coindesk’s Omkar Godbole that the 10% cut in staff stemmed mainly from Matrixport’s marketing department.

“We have sharpened our strategic focus towards accredited investors given the significant shift in the regulatory climate following the capitulations across the industry. Our teams have been realigned to reflect this change,” Wu told Godbole. “We continue to hire in the areas of compliance, legal and product development, with reductions in marketing affecting 10% of our staff.”

Matrixport’s layoffs amid crypto winter are among the many cryptocurrency and blockchain companies letting go. Recently, Huobi reportedly let go of 20% of its staff, and sources said this week that Gemini is letting go of 10% of the exchange’s staff.

Coinbase reduced its workforce by 950 employees at the start of the year and Superrare cut 30% of employees around the same time. In addition, thousands of crypto employees were let go during the last three quarters of 2022. Corporate giants such as Meta, Microsoft, Google, and Amazon have also let go of large numbers of employees in recent times.

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What do you think about Matrixport’s layoffs and thousands let go from the crypto industry as a whole since last year? Share your thoughts in the comments below.

Jamie Redman

Jamie Redman is the news editor at Bitcoin.com News and a financial technology journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.