Crypto Winter Effect? Here are the Web3 Firms that Recently Had Employee Layoffs

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Editing by Nathaniel Cajuday

  • It is not a good start for some of the companies in the web3 industry for 2023, as a number of employees had already cut off from their organizations. 
  • According to CoinDesk, there are at least 26,000 employees who lost their web3-related jobs in 2022. 
  • The common reason behind these layoffs? CRYPTO WINTER. 
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Although new years are always expected to bring new beginnings, 2023 seems already off to a bad start for the cryptocurrency industry as firms started to lay off employees one after another.

According to CoinDesk, more than 26,000 employees have lost their crypto-related jobs in 2022, where the majority of layoffs are citing the still ongoing crypto-winter.

It can also be remembered that Bitcoin alone, the first-ever crypto that existed in space, crashed to below ₱1,000,000.00 in 2022 after peaking in 2021 at ₱3,454,759.00. June 2022 was also one of the most brutal months for $BTC after experiencing monthly losses of 40%, the heaviest price decrease in 11 years. 

What are the Companies in the Web3 Industry that Had Staff Layoffs as 2023 Started? 

Earlier this year, crypto lender Genesis announced that it would cut 30% of its staff in another round of layoffs. In June, the company already cut 10% of its workforce, citing the occurrence of crypto winter. 

Then in August, Gemini, Genesis’ crypto lending product partner, also announced the resignation of its CEO and 20% workforce layoffs. The company is one of the many firms that have been affected by 2022’s crypto market turmoil. 

Meanwhile, Silvergate Bank, a bank that mostly deals in cryptocurrency transactions, also revealed that it would reduce its workforce by 40%, or about 200 employees, to address the effects of the crypto mishaps from the past year. In February 2022, Silvergate Capital Corporation bought the intellectual property and other assets of the Meta-backed cryptocurrency Diem Payment Network—the failed cryptocurrency project of Meta. 

Cryptocurrency exchange Huobi also revealed its plans to reduce its global headcount by about 20%, according to a member of its advisory board.

“With the current state of the bear market, a very lean team will be maintained going forward. The personnel optimization aims to implement the brand strategy, optimize the structure, improve efficiency and return to the top three,” a spokesperson stated.

Recently, Houbi has been tied to an “unauthorized listing” of the Pi token on their platform. (Read more: Pi Network Tells Miners: Beware of Unauthorized $Pi Listing)

The non-fungible token (NFT) space is also affected by the bear market, SuperRare Labs, the company behind NFT marketplace SuperRare, also let go of 30% of their staff. Its CEO, John Crain, cited that the cut-off was due to them “right-sizing” their numbers as the firm over-hired.

ConsenSys, the developer of crypto wallet MetaMask, also let go of at least 100 of its 900 current employees. 

This article is published on BitPinas: Crypto Winter Effect? Here are the Web3 Firms that Recently Had Employee Layoffs

Feature Photo: Photo by JL Merilles on Unsplash

Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.

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