Fires 28% of its Employees

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Crypto companies have laid off more than 1,500 employees since the beginning of the year. The dominance of the bearish trend in the market is forcing exchanges and blockchain startups to switch to less expensive business models.

For example, has announced a 28% reduction in staff (more than 100 employees).

Besides, this staff reduction it not the first for over the past year, as the team was reduced by 150 people in the summer.

This decision was taken after the company lost $270 million as a result of the collapse of the Three Arrows Capital hedge fund.

A company representative has said:

“In order to balance our products with demand, we have made the difficult decision to cut operating costs and headcount and adjust our business as the crypto market faces big challenges.”

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