Major digital asset exchanges are shedding hundreds of workers in an abrupt reversal from the industry’s breakneck expansion as a two-year hot streak gives way to a crypto chill.
US-listed Coinbase on Tuesday announced plans to lay off nearly a fifth of its workforce, amounting to more than 1,000 people, joining rivals including Gemini, Crypto.com and BlockFi in cutting headcount as this year’s tumble in crypto prices stifles the trading activity that is the industry’s lifeblood.
“If there isn’t trading volume there is no money . . . it looks like it is going to be tough for quite some time,” said Julian Sawyer, former chief executive of crypto trading venue Bitstamp.
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