Layoffs sweep crypto as economic concerns mount; Dapper Labs, Bitmex among hardest hit
The industry faces not only an ongoing bear market marked by depressed digital asset prices, but also a tough macroeconomic environment where inflation and a series of U.S. interest rate hikes have intensified fears of a recession. Coinbase, which recently restructured its product team and laid off staff earlier this year, is one company worried that conditions might worsen.
GSR made layoffs equal to less than 10% of its staff in the third quarter. The market maker and liquidity provider made the cuts to focus on long-term growth, a GSR spokesperson said, adding that the company currently employs 300 people. Back in July 2021, GSR co-founder Rich Rosenblum said during The Scoop podcast that the company had plans to grow its staff from 25 to more than 200 in a year’s time. New York City-based Galaxy Digital has been eyeing staff cuts of 10-15%, Bloomberg reported.
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