Kraken, the prominent cryptocurrency exchange, has reportedly laid off ‘hundreds’ of employees as part of a strategic effort to streamline operations in anticipation of its upcoming IPO. This move highlights the challenges facing the crypto sector amidst market volatility.
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Sky Mavis, the developer behind the popular blockchain game Axie Infinity, has announced a 21% reduction in its workforce. This strategic decision aims to streamline operations amid shifting market conditions and to enhance long-term sustainability.
Chainalysis, an analytics firm focused on blockchain data, made the difficult decision this week to lay off 15% of its workforce due to the economic pressures of the pandemic. The company said it was “regretfully” letting go of some “extended family” members.
Chainalysis, the leading on-chain sleuthing firm, has reportedly cut 135 jobs, or 28% of its staff, due to the COVID-19 pandemic. The firm, which specializes in investigating cryptocurrency transactions, cited reduced customer demand as the primary reason.
Sources familiar with the company say Prime Trust, a crypto custodian, is set to lay off a significant portion of their staff in the coming weeks. The move is expected to have a major impact on the firm’s future.
Binance, one of the world’s largest cryptocurrency exchanges, has conducted massive layoffs, with more than 1,000 employees being released. The layoffs come as the exchange transitions towards a more automated operations system.
Circle, a financial services company, announced today the reduction of its workforce and the end of certain activities deemed “non-core” to its business. The decision comes amid a larger global hiring initiative.