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Singapore-based crypto exchange slashes 260 jobs amid industry downturn

·Senior Reporter
·2-min read
A hand holding an iPad displaying the cryptocurrency market.
Singapore-based digital currency exchange announced a 5 per cent headcount reduction amid a downturn in the industry. (PHOTO: Getty)

SINGAPORE — Singapore-based digital currency exchange has announced a 5 per cent reduction in its workforce amid a “crypto winter”., which is headquartered in Singapore, said it would make the “difficult and necessary decisions to ensure continued and sustainable growth” by reducing around 260 positions in its workforce, said its chief executive officer Kris Marszalek via Twitter on 11 June. The company, founded in 2016, has around 4,000 employees, according to its website.

He continued, “We will continue to evaluate how to best optimize our resources to position ourselves as the strongest builders during the down cycle to become the biggest winners during the next bull run.”

The layoffs come on the back of other similar cuts in recent weeks. New Jersey-based crypto lending startup BlockFi also announced a headcount reduction of 20 per cent Monday. Its founders Zac Prince and Flori Marquez said in a blogpost on BlockFi’s website that the decision was “driven by market conditions that have had a negative impact on (the company’s) growth rate and a rigorous review of our strategic priorities”.

Founded in 2017, BlockFi grew to over 850 staff-strong. After the layoffs, it will have around 600 staff.

Earlier, other crypto firms were reported to have announced headcount cuts and hiring freezes amid a downturn in the industry which saw more than $200 billion wiped off the cryptocurrency market on Monday morning. The values of leading cryptocurrencies such as Ethereum and Dogecoin tanked by between 15 and 25 percent over the past day.

Crypto lender Celsius halted withdrawals from its platform and transfers between accounts Monday, due to “extreme market conditions”.

Cryptocurrency exchange Gemini Trust’s chief executive officer Tyler Winklevoss and president Cameron Winklevoss said in a blogpost on 2 June that it would be cutting 10 per cent of its workforce.

A day later, Coinbase Global announced that it was extending its hiring freeze for new and backfill roles for the foreseeable future, two weeks after it paused hiring. It will also be rescinding accepted offers, its chief people officer L J Brock said in a blog post.

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