• Bittrex, a crypto exchange based in Seattle, is cutting its staff by more than 80 people due to the “new economic environment”.
• The layoffs follow similar moves from other exchanges like Gemini and Coinbase.
• CoinDesk estimates that 29,000 jobs have been lost since April across the crypto industry.

Bittrex Laying Off More Than 80 People

Bittrex, a cryptocurrency exchange based in Seattle, is reducing its staff by more than 80 people due to market conditions. CEO Richie Lai cited the “new economic environment” as the primary reason for the cuts. This follows similar moves from other exchanges like Gemini and Coinbase which have also announced layoffs. According to CoinDesk estimates, 29,000 jobs have been lost since April across the crypto industry.

Reason For Cuts

In a leaked email on Twitter, Bittrex CEO Richie Lai told employees that the team had been working “aggressively” to reduce expenses and increase efficiencies, but were not successful due to market downturns triggered by multiple failures in the crypto ecosystem. These events ultimately caused them to reset their strategy and balance their investments with this current economic environment.

Affected Departments

The reductions affected at least some employees in most departments across Bittrex according to a spokesperson for the company.

Previous Layoffs

In January 2021 U.S.-based exchange Gemini announced a third round of layoffs while Coinbase said it would cut 20% of its workforce. Other exchanges such as Kraken and Huobi previously announced job cuts as well due to changes in market conditions and demand for their services.

Conclusion

Crypto companies large and small are feeling pressure from fluctuating market conditions leading them to restructure or downsize operations entirely through job cuts or other means of reducing costs while staying competitive in an ever-changing digital economy.