As digital currency prices have slid significantly in value during the past few months, the bear market cycle is starting to take its toll on the crypto industry’s workforce. On June 2, Gemini’s co-founders the Winklevoss brothers revealed the company would lay off 10% of its employees. The same day, one of the Middle East’s largest digital currency exchanges, Rain Financial revealed it had to lay off dozens of employees. Rain’s CEO said as cryptocurrency markets have slowed down, it has “impacted businesses across the globe.”7 Crypto Firms Forced to Reduce Workforce Numbers
2022 is starting to look an awful lot like the latter half of 2018 as crypto companies worldwide are letting employees go due to the crypto bear market downturn. The start of the layoff news started in April when Robinhood announced it had to lay...
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