<p><span data-contrast="none">Crypto layoffs have continued into November.</span></p> <p><span data-contrast="none">The industry faces not only an ongoing bear market marked by depressed digital asset prices, but also a tough macroeconomic environment where inflation and a </span><a href="https://www.theblock.co/post/182225/federal-reserve-raises-interest-rates-by-75-basis-points-for-fourth-time-in-a-row"><span data-contrast="none">series</span></a><span data-contrast="none"> of U.S. interest rate hikes have intensified fears of a recession. </span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span></p> <p><span data-contrast="none">Coinbase, which recently </span><a href="https://www.theblock.co/post/182404/coinbase-cpo-departs-as-exchange-restructures-product-team"><span data-contrast="none">restructured</span></a><span data-contrast="none"> its product team and laid off staff earlier this year, is one company worried that conditions might worsen.</span></p> <p><span data-contrast="none">“For 2023, we're preparing with a conservative bias and assuming that the current macroeconomic headwinds will persist and possibly intensify,” the company </span><a href="https://s27.q4cdn.com/397450999/files/doc_financials/2022/q3/Q32022-Shareholder-Letter.pdf"><span data-contrast="none">wrote</span></a><span data-contrast="none"> in its third-quarter shareholder letter.</span></p> <p><span data-contrast="none">Here are the most high-profile crypto industry layoffs The Block reported between Oct. 5 and Nov. 5. </span><span data-contrast="none">Among the deepest cuts reported came from Dapper Labs (22% of staff) and Stripe (14%).</span></p> <p><b><span data-contrast="none">Oct. 11: Market maker GSR cuts staff to focus on long-term growth</span></b><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span></p> <p><span data-contrast="none">GSR made </span><a href="https://www.theblock.co/post/176342/market-maker-gsr-lays-off-staff-following-rapid-expansion"><span data-contrast="none">layoffs</span></a><span data-contrast="none"> equal to less than 10% of its staff in the third quarter. The market maker and liquidity provider made the cuts to focus on long-term growth, a GSR spokesperson said, adding that the company currently employs 300 people. </span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span></p> <p><span data-contrast="none">Back in July 2021, GSR co-founder Rich Rosenblum </span><a href="https://www.theblock.co/linked/112192/crypto-trading-firm-gsr-on-track-to-10x-headcount-as-it-makes-us-push"><span data-contrast="none">said</span></a><span data-contrast="none"> during The Scoop podcast that the company had plans to grow its staff from 25 to more than 200 in a year’s time.</span></p> <p><b><span data-contrast="none">Nov. 1: Galaxy Digital could cut 20% of workforce </span></b><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span></p> <p><span data-contrast="none">New York City-based Galaxy Digital </span><span data-contrast="none">has been <a href="https://www.theblock.co/post/181787/novogratzs-galaxy-digital-may-nix-20-of-its-workforce-bloomberg">eyeing staff cuts of 10-15%</a>, Bloomberg reported, citing people familiar with the matter. As many as 75 people could be affected.</span></p> <p><span data-contrast="none">Separately, Axios reported in late September that Galaxy Digital’s co-head of trading Robert Bogucki would be </span><a href="https://www.theblock.co/post/172335/galaxys-co-head-of-trading-to-depart-following-a-string-of-industry-exits-axios-reports"><span data-contrast="none">leaving</span></a><span data-contrast="none"> the company for a position at investment firm Brevan Howard.</span></p> <p><b><span data-contrast="none">Nov. 1: Digital Currency Group lays off 10 people in restructuring</span></b><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span></p> <p><span data-contrast="none">Stamford, Connecticut-based Digital Currency Group (DCG) </span><a href="https://www.theblock.co/post/182024/digital-currency-group-promotes-mark-murphy-to-president-in-restructuring"><span data-contrast="none">laid off</span></a><span data-contrast="none"> 10 mostly junior employees as it streamlined its departments, the company confirmed to The Block following a report from Bloomberg.</span></p> <p><span data-contrast="none">DCG’s Mark Murphy moved from the position of chief operating officer to president. The parent of companies including Grayscale, Genesis and CoinDesk made a “series of internal changes” to position the company for its next growth phase, a spokesperson said.</span></p> <p><span data-contrast="none">DCG’s Genesis started making </span><a href="https://www.wsj.com/articles/crypto-lender-genesis-lays-off-20-of-workforce-ceo-to-depart-11660748873"><span data-contrast="none">staff cuts</span></a><span data-contrast="none"> in August that affected 20% of its 260-person staff, Wall Street Journal reported.</span></p> <p><b><span data-contrast="none">Nov. 1: Crypto exchange Bitmex cuts staff </span></b><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span></p> <p><span data-contrast="none">Crypto exchange Bitmex </span><a href="https://www.theblock.co/post/181814/crypto-exchange-bitmex-cuts-part-of-workforce-following-ceo-departure-exclusive"><span data-contrast="none">cut</span></a><span data-contrast="none"> an unspecified amount of staff as it refocused its business away from activities like spot trading, custody and brokerage services, The Block exclusively reported.</span></p> <p><span data-contrast="none">A spokesperson had originally said the cuts impacted 30% of the company’s workforce but later walked back the number and said a smaller number of people were impacted. The exact amount is unknown.</span></p> <p><span data-contrast="none">Bitmex CEO Alexander Höptner left the exchange after fewer than two years there, The Block </span><a href="https://www.theblock.co/post/179580/bitmex-ceo-alexander-hoptner-steps-down-with-immediate-effect"><span data-contrast="none">reported</span></a><span data-contrast="none"> on Oct. 25.</span></p> <p><b><span data-contrast="none">Nov. 2: Dapper Labs lays off 22% of staff</span></b></p> <p><span data-contrast="none">CryptoKitties creator Dapper Labs </span><a href="https://www.theblock.co/post/182461/dapper-labs-feldman-a-difficult-day-as-company-lays-off-22-of-staff"><span data-contrast="none">laid off </span></a><span data-contrast="none">22% of its staff. Senior Vice President of Marketing Dave Feldman confirmed on Twitter the company would be laying off staff, and CEO </span><span data-contrast="auto">Roham Gharegozlou confirmed the size of the layoffs in a company <a href="https://www.dapperlabs.com/newsroom/a-message-from-founder-and-ceo-roham-gharegozlou">letter</a> posted to Dapper Labs’ website.</span></p> <p><span data-contrast="auto">“As part of a broader refocus of our strategy and reorganization of our teams to better serve our communities, we have made the difficult decision to reduce our team size by 22%,” Gharegozlou said in the letter.</span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span></p> <p><span data-contrast="none">The layoffs come as the NFT market </span><a href="https://www.theblock.co/post/181806/october-nft-data-wrap-is-the-metaverse-a-barren-wasteland"><span data-contrast="none">remains</span></a><span data-contrast="none"> depressed. Ethereum-based NFT volumes </span><a href="https://www.theblock.co/post/181806/october-nft-data-wrap-is-the-metaverse-a-barren-wasteland"><span data-contrast="none">decreased</span></a><span data-contrast="none"> 25% in October from the previous month, CryptoSlam data visualized by The Block showed.</span></p> <p><b><span data-contrast="none">Nov. 3: Stripe says goodbye to about 14% of staff </span></b><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span></p> <p><span data-contrast="none">Payment company Stripe </span><a href="https://www.theblock.co/post/182689/stripe-cuts-14-of-workforce-as-fintech-layoffs-roll-on"><span data-contrast="none">laid off </span></a><span data-contrast="none">about 14% of its staff. In an email to employees, Founders Patrick and John Collison mentioned macroeconomic challenges and limited startup funding as reasons for the cuts.</span></p> <p><span data-contrast="none">Stripe will go back to its February staffing levels of nearly 7,000 people, the company’s founders said.</span></p> <p><span data-contrast="none">“Around 14% of people at Stripe will be leaving the company,” the employee letter states. “We, the founders, made this decision. We over hired for the world we’re in (more on that below), and it pains us to be unable to deliver the experience that we hoped that those impacted would have at Stripe.”</span></p> <p><b><span data-contrast="none">Nov. 4: Mythical Games cuts 10% of workforce</span></b><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335551550&quot;:0,&quot;335551620&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span></p> <p><span data-contrast="none">Unicorn gaming company Mythical Games </span><a href="https://www.theblock.co/post/183049/mythical-games-cuts-10-of-workforce-1-day-after-top-executives-depart"><span data-contrast="none">laid off</span></a><span data-contrast="none"> about 10% of its employees due to a company restructuring. Like other companies, the startup cited the economic downturn as a reason for the cuts.</span></p> <p><span data-contrast="none">Mythical Games focuses on web3 gaming. It became a unicorn with a $1.25 billion valuation in Nov. 2021 after raising $150 million in a Series C round led by Andreessen Horowitz (a16z).</span></p> <p aria-level="2"><strong><span class="TextRun SCXW258524403 BCX0" lang="EN-US" xml:lang="EN-US" data-contrast="none"><span class="NormalTextRun SCXW258524403 BCX0" data-ccp-parastyle="heading 2">Tech companies dealing with thousands of layoffs </span></span><span class="EOP SCXW258524403 BCX0" data-ccp-props="{&quot;134245418&quot;:true,&quot;201341983&quot;:0,&quot;335559738&quot;:40,&quot;335559739&quot;:0,&quot;335559740&quot;:259}"> </span></strong></p> <p><span data-contrast="none">Meanwhile, many large tech companies have also announced significant cuts in recent weeks that affect thousands of employees. The most high-profile of these cuts is at Twitter, where new owner Elon Musk has started laying off about 3,700 employees </span><a href="https://www.nytimes.com/2022/11/04/technology/elon-musk-twitter-layoffs.html"><span data-contrast="none">according</span></a><span data-contrast="none"> to the New York Times.</span></p> <p><span data-contrast="none">Lyft will cut nearly 13% of employees, or close to 700 people, CNN Business </span><a href="https://edition.cnn.com/2022/11/03/tech/lyft-layoffs/index.html"><span data-contrast="none">reported</span></a><span data-contrast="none">. Executives cited recession fears and the effects of inflation as reasons for the cuts.</span></p><br /><span class="copyright"><p>© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.</p> </span>