Connect with us

Cryptocurrency Announces Plan to Cut 20% of Its Workforce


on - Bitcoin BTC cryptocurrency coin with altcoin digital crypto currency tokens | Cryptocurrency announced on Friday it would be cutting around 20% of its workforce, as cryptocurrency exchanges face industry-wide challenges following FTX’s collapse last year.

The move by the Singapore-based business comes amid widespread worries over reserves and solvency and only a few days after rival exchanges Coinbase Global Inc (COIN.O) and Huobi revealed intentions to lay off around 20% of its workforce. According to Reuters, Genesis has also slashed positions, accounting for 30% of its personnel.

The layoffs at would be the company’s second in around six months, following job cuts in July last year to weather the macroeconomic slump caused by rising interest rates.

FTX’s collapse in 2022 “significantly damaged trust in the industry,” CEO Kris Marszalek said in a statement.

“It’s for this reason, as we continue to focus on prudent financial management, we made the difficult but necessary decision to make additional reductions in order to position the company for long-term success,” he added.

The collapse of Sam Bankman-FTX Fried’s was the biggest of numerous large-scale cryptocurrency-related failures in 2022. It prompted a cryptocurrency crash, leaving an estimated 1 million creditors facing billions of dollars in damages.

Sign Up For The Capitalist Newsletter

Up Next:

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Continue Reading
Sign Up For The Capitalist Newsletter

Copyright © 2023 The Capitalist. his copyrighted material may not be republished without express permission. The information presented here is for general educational purposes only. MATERIAL CONNECTION DISCLOSURE: You should assume that this website has an affiliate relationship and/or another material connection to the persons or businesses mentioned in or linked to from this page and may receive commissions from purchases you make on subsequent web sites. You should not rely solely on information contained in this email to evaluate the product or service being endorsed. Always exercise due diligence before purchasing any product or service. This website contains advertisements.


Enter for a chance to WIN a pair of 1 oz Gold Bars when you sign up today for our exclusive email newsletter subscription.

Is THE newsletter for…


Stay up-to-date with the latest kick-ass interviews, podcasts, and more as we cover a wide range of topics, in the world of finance and technology. Don't miss out on our exclusive content featuring expert opinions and market insights delivered to your inbox 100% FREE!


Get ready to stay up-to-date with the latest business and market news from around the world!

The Capitalist is here to provide you with insightful data, analysis, and even videos to keep you informed.