Bittrex Exchange Laying Off More Than 80 People
- Seattle-based cryptocurrency exchange Bittrex is cutting more than 80 employees
- The layoffs are due to the „new economic environment“ caused by market downturns and crypto ecosystem failures
- At least 29,000 jobs have been cut across the crypto industry since April
Reason for Layoffs
Seattle-based cryptocurrency exchange Bittrex is reducing its staff by more than 80 people, the company confirmed Thursday. The primary reason for these cuts was cited as the „new economic environment“ brought on by market downturns and crypto ecosystem failures. CEO Richie Lai noted that these events had caused them to reset their strategy and balance investments accordingly. This reduction in staff affected at least some employees in most departments across Bittrex.
Recent Crypto Industry Layoffs
Unfortunately, Bittrex isn’t the only cryptocurrency exchange to announce layoffs recently. In January, U.S.-based exchange Gemini announced a third round of layoffs while Coinbase said it would cut 20% of its workforce. According to CoinDesk estimates, since April over 29,000 jobs have been lost across the crypto industry due to media reports and press releases.