Crypto firm Matrixport, led by former Bitmain CEO Jihan Wu, is laying off 10% of the company’s staff, according to reports published on Friday. Matrixport COO Cynthia Wu cited a “change in the regulatory climate” and “industry-wide capitulations” as reasons for the layoffs.
Matrixport lays off 10% of staff as crypto winter continues
Jihan Wu’s Matrixport is laying off 10% of the company’s employees, according to multiple reports as of Jan 27, 2023. Bloomberg cites unnamed sources as saying the company’s head of business development and investor relations has left. This news follows another Bloomberg report, published in November 2022, which said that Matrixport is seeking $100 million in funding from investors.
At that time the company told the publication she engaged with investors. With sources from Bloomberg on Friday, the company’s COO, Cynthia Wu, confirmed to Coindesk’s Omkar Godbole that the 10% staff reduction came mainly from Matrixport’s marketing department.
“We have sharpened our strategic focus towards authorized investors given the significant shift in the regulatory climate following industry-wide capitulations. Our teams have been aligned to reflect this change,” Wu told Godbole. “We continue to hire in the areas of compliance, legal and product development, with marketing cuts affecting 10% of our headcount.”
Matrixport layoffs amid crypto winter are among a number of cryptocurrency and blockchain companies laying off employees. Recently, Huobi reportedly laid off 20% of its employees, and sources detailed this week that Gemini is laying off 10% of the exchange’s staff.
At the beginning of the year, Coinbase reduced the number of employees by 950, and Superrare reduced it 30% of the staff around the same time. Additionally, thousands of crypto employees were laid off during the last three quarters of 2022. Corporate giants like Meta, Microsoft, Google, and Amazon have also laid off a large number of employees recently.
What do you think about the Matrixport layoffs and the thousands laid off across the crypto industry since last year? Share your thoughts in the comments below.
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