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The Latest in Crypto Setting: Layoffs Mount as Bear Market Continues to Crawl
Following staff cuts at major crypto companies like Coinbase and Gemini earlier this year, a new round of reported layoffs and restructuring has further accelerated the industry's exodus this week. Crypto exchange BitMEX has cut staff to focus on derivatives trading, although the number of employees laid off is not known. The company, which took the opposite approach by expanding its offerings beyond derivatives last year, will refocus on “liquidity, latency and a vibrant derivatives community including BMEX token trading,” a spokesperson told Blockworks. “As an undesirable consequence, we have had to make changes to our workforce,” the spokesman said in a...
The Latest in Crypto Setting: Layoffs Mount as Bear Market Continues to Crawl
Following staff cuts at major crypto companies like Coinbase and Gemini earlier this year, a new round of reported layoffs and restructuring has further accelerated the industry's exodus this week.
Crypto exchangeBitMEXhas cut staff to focus on derivatives trading, although the number of employees laid off is not known.
The company that took the opposite approach Expanding its offering beyond derivatives last year will again focus on “liquidity, latency and a vibrant derivatives community including BMEX token trading,” a spokesperson told Blockworks.
“As an undesirable consequence, we have had to make changes to our workforce,” the spokesman said in a statement. “Our top priority is to ensure all affected employees receive the support they need.”
The spokesman declined to comment on the exact number of employees affected, but said a reported figure of 30% cuts was "inaccurate and excessive."
The staff cuts come after BitMEX CEO Alexander Hoeptner suddenly left the company. The company has recruited CFO Stephan Lutz as interim CEO.
Dapper Labshas reduced its workforce by 22%, CEO Roham Gharegozlou said on Wednesday.
“These cuts are the last thing we want to do, but they are necessary for the long-term health of our company and our communities,” Gharegozlou said wrote. “We know [Web3] and crypto [are] the future across a variety of industries – with 1000x potential from here in terms of mainstream adoption and impact – but today’s macro environment means we can’t fully control the timing.”
Founded in 2018, Dapper Labs is behind NBA Top Shot and the original developer of the Flow blockchain. It closed a $250 million round in September 2021.
The company grew from 100 to over 600 employees in less than two years, which brought operational challenges, according to Gharegozlou.
Galaxy Digitalis considering reducing the workforce by around 15%, Bloomberg reports Tuesday.
The reported layoffs come after CEO Michael Novogratz said during the company's earnings call in August that Galaxy planned to increase its headcount from 375 to more than 400 employees by the end of the year.
“As our industry continues to face macroeconomic headwinds, Galaxy remains focused on building for the future state of institutional adoption and driving long-term shareholder value,” a spokesperson said in a Blockworks statement. “We always consider optimal team structure and strategy and will share future plans when finalized.”
Galaxy's third quarter earnings call is scheduled for November 9 at 8:30 a.m. ET. The company posted a net loss of $555 million in the second quarter, down from a net loss of about $112 million in the three months prior.
Digital Currency Group(DCG) promoted several of its executives in conjunction with a reorganization of the department. As a result of the restructuring, around 10 employees left, according to Bloomberg.
DCG is the parent company of digital asset manager Grayscale Investments and crypto brokerage Genesis Trading. The company reportedly has 66 members following the cuts.
Mark Murphy was promoted to President of the DCG. According to his LinkedIn page, he joined the company in April 2018 as Head of Public Affairs before becoming Chief Operating Officer in January 2020.
Additionally, Jen Goodson was appointed Chief Administrative Officer; Simon Köster became chief strategy officer; Matt Caraway is now senior vice president of operations; and Amanda Cowie manages communications, marketing and events.
A DCG spokesman confirmed the Bloomberg report but declined to comment further.
A week of crypto layoffssaw a few new employees
Crypto securities platformPrometheumappointed Anoop Datta as COO of the Alternative Trading System (ATS) platform.
Datta was most recently Head of Electronic Trading Risk Management and Strategy at Goldman Sachs. He was also previously COO of Wells Fargo's foreign exchange business and a derivatives trader at Chicago Trading Company.
The hiring comes after Prometheum launched its alternative trading system, offering trading, clearing, settlement and custody of digital asset securities through integration with partners such as Anchorage Digital Bank.
The chief compliance officer of Andreessen Horowitz – or a16z – has joinedAnChain.AIa digital asset risk management and Web3 intelligence company, as a strategic advisor.
Scott Walker will advise on the company's innovative Web3 risk monitoring technology. AnChain.AI was founded in 2018 by cybersecurity and enterprise software veterans from FireEye and Mandiant.
Prior to joining a16z, Walker was a senior special examiner and counsel for digital assets and blockchain technology at the SEC. He also previously worked as counsel at asset management giant BlackRock, focusing on hedge fund regulation, derivatives and prime brokerage.
Crypto marketplaceEnclave marketsbrought on board Olta Andoni as general counsel and Martin Prado as Chief Information Security Officer.
Executives said in September that the Enclave Cross platform, which allows traders to make off-chain block trades, was in beta. It was inspired by dark pools long a TradFi staple.
Andoni comes from Ava Labs, where she was deputy general counsel. She was previously Chief Legal Officer at NFT-focused social media platform Nifty. Prior to his appointment, Prado led security and infrastructure teams at Blockchain.com and Xapo.
Layer 1 protocolLayer1added Geraldine Pamphile as Chief Business Development Officer.
Pamphile worked for the NBA for nearly a decade, where she became vice president of international business development and media sales. She later joined augmented reality-focused company Magic Leap and investment platform Aser Ventures.
Input output globalthe software research and development company behind the Cardano blockchain Vanishree Rao as head of applied cryptography.
Rao helped build the privacy-focused blockchain Mina protocol while she was the lead cryptographer at O(1) Labs.
It is intended to help Input Output Global apply its research in practice and develop and expand the company's zero-knowledge proof expertise.
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The post Latest in Crypto Hiring: Layoffs Mount as Bear Market Continues to Crawl is not financial advice.