• Bittrex, a Seattle-based cryptocurrency exchange, is laying off more than 80 people due to the “new economic environment” of the market downturn.
• This follows other crypto exchanges that have recently announced layoffs due to sharp declines in cryptocurrency prices and the collapse of FTX exchange and other prominent crypto firms.
• CoinDesk estimates that since April more than 29,000 jobs have been lost across the crypto industry.
Bittrex Laying Off More Than 80 People
Cryptocurrency exchange Bittrex is reducing its staff by more than 80 people, citing market conditions. CEO Richie Lai told employees that they had been working to reduce expenses and increase efficiencies but were not successful due to the “new economic environment” of the market downturn. The reductions affected at least some employees in most departments across Bittrex.
The Market Downturn
The “market downturn” has resulted from multiple failures in the crypto ecosystem and has caused crypto companies to reset their strategy and balance investments with this new economic environment. This follows other crypto exchanges such as Gemini and Coinbase, who also announced layoffs due to sharp declines in cryptocurrency prices and the collapse of FTX exchange and other prominent crypto firms.
Impact on Crypto Industry
CoinDesk estimates that since April more than 29,000 jobs have been lost across the entire crypto industry based on media reports and press releases. These job losses are likely to continue as many companies adjust their strategies for operating within this new economic environment.
Richie Lai’s Letter To Employees
In a leaked email on Twitter, CEO Richie Lai told employees: “We’ve worked aggressively to reduce our expenses while increasing our efficiency over time — sadly these efforts weren’t enough given our current situation.” He went on to encourage all remaining employees to remain focused on their work despite this difficult news.
Conclusion
As cryptocurrencies continue facing challenging times, many exchanges are being forced into making tough decisions about how they operate within this new economic environment — which includes significant layoffs for many employees across the industry. Companies like Bittrex are doing their best to minimize disruption while still remaining competitive in a tumultuous market place.