Matrixport joins a growing list of crypto and blockchain companies to let go of employees
Jihan Wu’s Matrixport is letting go of 10 percent of its firm’s employees, according to multiple reports dated January 27, and Bloomberg’s full accounts and details indicate that the company’s business development and investor relations are at risk, according to the report. The chief has left. The news follows a report published in November 2022 that stated that Matrixport was seeking or expected a significantly larger amount from investors.
The publication was told by the company at the time that it was engaging with investors, and on Friday the company’s COO Cynthia Wu confirmed via CoinDesk’s Omkar Godbole that the workforce would be cut by 10%, according to sources. Mainly done from the marketing department i.e. the employees belonging to the marketing department or disseminating their services under the marketing department and contributing to the company have been shown to have gone out of the company. Noting the significant change in the regulatory environment following the divestment in the industry, the company’s COO states that “the company has sharpened its political focus towards accredited investors and aligned our teams to reflect this change.” Of course they continue to hire in the compliance and legal product and development areas i.e. their main focus is to create new hires or new job opportunities within the compliance and legal department and at the same time reduce business 10% of their workforce is affected”. Certainly the layoffs by Matrixport amid the crypto winter are just one of many cryptocurrency and blockchain companies that are letting go and most recently Huobi reportedly laid off 20 percent of its workforce, citing sources. Earlier this week, it was reported that 10% of the employees of the exchange were being let go. At the beginning of the year, Coinbase reduced the number of employees to 950 and at the same time SuperRay cut another thirty percent of employees around the same time, and in addition to this, in the last three quarters of 2022, we can see that this Thousands of crypto employees were laid off during 2016 and of course multinational companies related to technology and IT companies in these companies, China’s business is worth billions and companies which make costly turnover every time and contribute significantly to the economy such as Corporate sector giants and heroes like Meta, Microsoft, Google and Amazon are also laying off a large number of employees and reducing the burden of the company.
