By now, the crypto market downfall has become the ultimate test of patience for the entire cryptocurrency industry, as it has stuck around for more than 12 months.
Due to the constant downtrend, many crypto firms had to shut down, go bankrupt, or had to cease their operations until the market saw a recovery.
As of now, the constant downtrend has become a test even for the major entities in the crypto-verse. The companies have been affording huge workforces but have not generated many revenues to carry on with their operations.
Therefore, the companies have resorted to laying off their employees on a large scale. While many firms are cutting their workforces, some crypto-based firms have found it to be the best opportunity to build even stronger teams.
It is time to look at these firms and see what the situation is in the cryptocurrency market at the moment.
Stripe Lays off 1,000 Workforce
Stripe is a major payments processor whose CEO Patrick Collison, announced on November 3 that they would lay off 14% of their total employees.
The 14% workforce Collison announced to lay off is equal to 1,000 of the total employees at the platform.
Collison cited sparser startup funding, reduced investment budgets, higher interest rates, energy costs, and inflation to be the causes behind the company’s move.
Dapper Labs to Reduce Headcount by 22%
RohamGharegozlou, the CEO and founder of Dapper Labs, the developer of the Flow blockchain announced on November 2 the reduction of 22% of their workforce.
The company has announced that 130 employees from their company would be laid off. The company has also cited high inflation rates and less demand that has forced them to cut their headcount.
Galaxy Digital Goes for a Drawdown
Galaxy Digital a major cryptocurrency firm has also decided to draw down its workforce on a large scale. According to the officials, they are planning to cut off their employees by 20%.
The announcement was made by Mike Novogratz, the founder of Galaxy Digital on November 1.
Although the company has not provided a proper reason analysts cite the company’s poor performance to be the cause behind its demise.
The company’s share prices have been facing a constant decline, which may have forced the company to optimize its workforce.
OKX to Add 100 Employees
Then comes OKX, a major cryptocurrency exchange that is to add 100 employees. The announcement was made by the company’s officials on November 3.
The company will be adding employees at its office in the Bahamas and it would go on to form a subsidiary for the particular region.
Paxos to Add 130 Employees
Paxos is also aiming to hire 130 employees and in the next three years, it aims to hire 180-200 more employees. Paxos is a major investment management firm for cryptocurrencies.