Crypto companies laying off workers and freezing new hires

Coinbase is freezing hiring and taking back offers already made to new hires. Ouch!

Gemini is cutting 10% of its workforce.

Klarna is also laying off 10%.

Robinhood - 9%

Coinbase is troubling though.

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It’s crazy. It was just recently that headlines were all about smart people moving to crypto. Web3 is the future! Traditional companies are now toast etc etc! Did that change QUICK.

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Already read a story of an engineer losing his travel Visa to the US because of the job offer being rescinded by Coinbase.

Oh my. :open_mouth: I knew things with Crypto are bad right now, but I didn’t think it was THAT bad. :sweat:

Very sad to hear that, but it sounds like optimization for survival in tough economic times, and it has nothing to do with cryptocurrency potential…

Well according to me this has nothing to do with the crypto market. Even if it is, that’s really sad. Feeling more bad for the ones who were already hired.

It’s probably related to the crypto market…

When the market cap drops from $3T in November to under $1T (7-8 months), most people, including businesses that hire, will have lost money.

Even companies have started to feel as if this is the end of crypto so they’re doing such activities. However I really feel sorry for those who were released.

No money, means no trading, mean no fees for the exchanges. But a lot of those companies were spending crazy money on advertising anywhere they could. Looks like that was maybe a bit excessive.