The winter seems to be coming to an end, as Singapore-based Cryptocurrency exchange announced on Friday that it was reducing its employee headcount by nearly 20%, joining the ranks of other criptocurrency firms that have announced layoffs in recent months.
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The FTX collapsed at the beginning of 2022, and CEO Kris Marszalek said that the company was at the center of the blame: We grew ambitious at the beginning of 2022 and aligned with the trajectory of the industry.
The trajectory changed quickly due to a confluence of negative economic developments. The reductions we made in July were positioned to weather the macroeconomic downturn, but it did not account for the collapse of FTX, which damaged trust in the industry.
The company clarified that the layoffs were not tied to employee performance, but instead said it needed to stay ahead of market tailwinds that could derail growth.
The market cap of cryptocurrencies returned to $1 million in January. The past 7 days, a 22% growth was seen in the past 7 days, and has gained 26% this month. The market cap of the coin has gone up by nearly 30%, pushing it's overall market cap to $1 million.