• Fidelity Investments-backed crypto exchange OSL has cut its staff in order to reduce overhead costs and stay afloat amid the crypto winter.
• Silvergate, Coinbase, ConsenSys, Huobi, Crypto.com, Wrye, Genesis and SuperRare have also been reported to have downsized their staff.
• Surprisingly, Binance has announced it currently has 700 open job positions in key areas such as account managers, software developers, and blockchain evangelists.
Amid the current crypto winter, Fidelity Investments-backed crypto exchange OSL has joined the list of exchanges cutting down their workforce in order to reduce overhead costs and stay afloat. OSL did not immediately respond to requests for comments, however, Hugh Madden, CEO of OSL’s parent company, BC Technology Group, said in a statement to Bloomberg that the major reason for the retrenchment is due to the severe effects of the crypto winter.
Silvergate, a US-based cryptocurrency bank, recently announced that it would retrench 40% (the equivalent of 200 workers) of its workforce to stay afloat in business, its shares plummeting by 46% shortly before the announcement. Coinbase, a leading US-based crypto exchange, then announced through its CEO and Co-founder Brian Armstrong that it would be laying off about 950 employees, adding to the 1,100 that were retrenched in 2022. Armstrong cited skyrocketing expenses as the major reason for its layoffs, however he reiterated the exchange’s commitment to providing quality service amidst the current market anxiety.
Reports then circulated that New York-based ConsenSys web3 company was contemplating the possibility of slashing out 100 workers from its team to cope with the gloomy market conditions. Other crypto platforms such as Huobi, Crypto.com, Wrye, Genesis and SuperRare have also been reported to have downsized their staff.
Surprisingly, Binance announced on Jan.3 that it currently has 700 open job positions that are focused on key areas such as account managers, software developers, and blockchain evangelists. The exchange’s CEO, Changpeng Zhao, stated that they were hiring in order to increase their customer support and build better products.
The effects of the crypto winter have been widespread, with many exchanges cutting down their workforce in order to reduce overhead costs and remain afloat. Although the landscape may seem bleak, some exchanges are making moves to take advantage of the situation, such as Binance, who is hiring in order to increase their customer support and build better products. It remains to be seen how the situation will pan out in the long run, but for now, it is clear that many exchanges are taking necessary steps to remain competitive in the current market climate.