{"id":17009,"date":"2023-01-28T07:57:32","date_gmt":"2023-01-28T07:57:32","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/matrixport-joins-growing-list-of-crypto-and-blockchain-companies-letting-employees-go-bitcoin-news\/"},"modified":"2023-01-28T07:57:32","modified_gmt":"2023-01-28T07:57:32","slug":"matrixport-joins-growing-list-of-crypto-and-blockchain-companies-letting-employees-go-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/matrixport-joins-growing-list-of-crypto-and-blockchain-companies-letting-employees-go-bitcoin-news\/","title":{"rendered":"Matrixport Joins Growing List of Crypto and Blockchain Companies Letting Employees Go \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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The crypto firm Matrixport, led by former Bitmain CEO Jihan Wu, is laying off 10% of the company\u2019s staff, according to reports published on Friday. Matrixport\u2019s COO, Cynthia Wu, cited a \u201cshift in the regulatory climate\u201d and \u201cindustry-wide capitulations\u201d as reasons for the layoffs.<\/strong><\/p>\n

Matrixport Lays Off 10% of Staff as Crypto Winter Continues<\/h2>\n

Jihan Wu\u2019s Matrixport<\/a> is letting go of 10% of the firm\u2019s employees, according to multiple reports on Jan. 27, 2023. Bloomberg details<\/a> that unnamed sources say the company\u2019s head of business development and investor relations has left. The news follows another Bloomberg report, published in Nov. 2022, that said Matrixport was seeking $100 million<\/a> in financing from investors.<\/p>\n

At the time, the company told<\/a> the publication it was engaging with investors. In addition to sources from Bloomberg on Friday, the company\u2019s COO, Cynthia Wu, confirmed<\/a> to Coindesk\u2019s Omkar Godbole that the 10% cut in staff mainly stemmed from Matrixport\u2019s marketing department.<\/p>\n

\u201cWe\u2019ve sharpened our strategic focus towards accredited investors given the significant shift in the regulatory climate following the industry-wide capitulations. Our teams have been aligned to reflect this change,\u201d Wu told Godbole. \u201cWe continue to hire in the areas of compliance, legal, and product development, with reductions in marketing impacting 10% of our headcount.\u201d<\/p>\n

Matrixport\u2019s layoffs amid the crypto winter are among the many cryptocurrency and blockchain companies letting employees go. Recently, Huobi reportedly<\/a> let go 20% of its employees, and sources<\/a> detailed this week that Gemini is letting go 10% of the exchange\u2019s staff.<\/p>\n

Coinbase reduced<\/a> its headcount by 950 employees at the beginning of the year and Superrare cut 30% of staff<\/a> around the same time. Additionally, thousands of crypto employees were let go during the last three quarters of 2022. Corporate giants like Meta<\/a>, Microsoft<\/a>, Google, and Amazon have also let go large numbers of employees in recent times.<\/p>\n

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Amazon<\/a>, Bitmain<\/a>, blockchain companies<\/a>, ceo<\/a>, Coinbase<\/a>, Crypto Winter<\/a>, Cryptocurrency<\/a>, downsizing<\/a>, Financing<\/a>, Friday<\/a>, Gemini<\/a>, Google<\/a>, Huobi<\/a>, industry-wide capitulations<\/a>, investor relations<\/a>, Investors<\/a>, Jihan Wu<\/a>, job loss<\/a>, layoffs<\/a>, marketing department<\/a>, Matrix Asset Management<\/a>, Matrixport<\/a>, Meta<\/a>, Microsoft<\/a>, personnel reduction<\/a>, reduction in headcount<\/a>, reduction in personnel<\/a>, regulatory climate<\/a>, Reports<\/a>, staff<\/a>, staff cuts<\/a>, staff trimming<\/a>, Superrare<\/a>, workforce reduction<\/a><\/div>\n<\/div>\n

What do you think about Matrixport\u2019s layoffs and the thousands let go from the crypto industry as a whole since last year? Share your thoughts in the comments below.<\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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