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Despite the market rally and the inspiring January growth in the value of major crypto assets, the crypto industry continues to experience a significant decline in employment.
During January, at least 14cryptocurrency companies announced new job cuts. In total, 2,900 employees lost their jobs. The latest company to announce staff layoffs in January was crypto infrastructure provider Prime Trust, which cut its workforce by a third, laying off roughly 100 employees.
Other companies announcing this monthMatrixport, Gemini, Coinbase, Crypto.com, Luno, Huobi, Digital Currency Group, Silvergate, Blockchain.com, MetaMask, ConsenSys and SuperRare.
Job losses in the crypto industry have becomepart of a larger contraction in the overall employment market. For example, in January alone, more than 48,000 people lost their jobs at four major companies: Google, Amazon, Microsoft and Salesforce.
However, despite large-scale cutsjobs, one of the key investors in the cryptocurrency hedge fund Pantera Capital, Paul Veradittakit, believes that now is the right time to enter the market and create blockchain companies, since “the background noise has decreased.”
Industry experts estimate that just over 28,000 jobs have been lost in the crypto industry since last April.
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