January Has Been a Black Month for Crypto Companies With More Than 3,000 Layoffs

Bloomberg has reported that the rise of Bitcoin in January has not helped crypto companies improve their financial performance as they have continued to reduce their workforces.

14 companies laid off about 2,900 employees in the first month of the year. For example, the developer of blockchain infrastructure Prime Trust has recently fired about 30% of its staff to cut costs.

Other examples are the cases of Matrixport, which has previously laid off more than 30 managers, and of Gemini, which has reduced its workforce by 100 people.

However, the most large-scale optimization was carried out by Coinbase, which fired more than 900 people on January 10.