Matrixport Downsizing Staff as Crypto Winter Continues – Blockchain Firms Latest Update

Cryptocurrency enterprise Matrixport, formerly led by Bitmain CEO Jihan Wu, has announced that 10% of its personnel will be laid off. On Friday, Matrixport COO Cynthia Wu cited a “change in the regulatory landscape” and “industry-wide capitulations” as the cause of the firing.

Matrixport Reduces Staff as Crypto Winter Lingers

In response to several reports, 10% of Matrixport’s workforce will be laid off. According to unnamed sources, the head of investor relations for corporate development has also left the company. This follows a November 2022 Bloomberg report which stated that Matrixport was looking for $100 million in investor financing.

The company was interactive with traders, per the statement. In addition to Bloomberg sources, Matrixport’s COO Cynthia Wu told CoinDesk’s Omkar Godbole that the rationale for the 10% staff cut was mainly due to Matrixport’s marketing division.

“We have sharpened our strategic focus towards accredited investors given the significant change in the regulatory landscape following the industry-wide capitulations. Our teams have aligned 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 workforce.”

Matrixport’s layoffs are just one of the many ways that blockchain and cryptocurrency companies have let go of their staff. This week, Huobi sources reported that 20% of the company’s staff was laid off. Gemini, the other, reduced its staff by 10%.

In January of this year, Coinbase cut 950 employees. SuperRare also reduced its staff by 30% around the same time. Furthermore, over the past three quarters of 2022, hundreds of cryptocurrency employees were laid off. Giants like Meta, Microsoft, Google, and Amazon have also laid off large numbers of employees in recent cases.

What do you know about the layoffs at Matrixport and the hundreds laid off from the cryptocurrency industry as a whole since last year? Please share your thoughts in the comments section below.