- Cryptocurrency platforms downsizing workforce to streamline operations and increase efficiency.
- Dapper Labs and Circle among prominent companies making staff cuts.
- Crypto industry experienced a significant increase in layoffs, with 2,806 employees losing their jobs.
To streamline operations, cryptocurrency platforms are implementing strategic measures to downsize their workforce, contributing significantly to the overall reduction in the crypto industry. Prominent companies such as Dapper Labs, specializing in NFTs, and Circle, a leading crypto firm, have recently made staff cuts as part of their proactive approach towards creating a more efficient and sustainable environment.
In a recent tweet, renowned crypto industry reporter Colin Wu revealed that Dapper Labs CEO Roham Gharegozlou took to his official Twitter page to announce the termination of employees at his company. Wu, known for his expertise in the field and operating under the handle Wu Blockchain, also provided valuable insights on Circle, the stablecoin issuer, and the downsizing of their workforce.
Gharegozlou announced on Twitter that the company has sadly said goodbye to “51 exceptional colleagues and friends.” In addition to sharing a screenshot of the heartfelt note he sent to his team, Gharegozlou urged Web3 platforms to consider hiring his “remarkable individuals in the Web3 space.” The note expressed the CEO’s deep concern and sadness about letting go of his valued team members, reflecting his understanding as a seasoned professional in the crypto industry.
This decision was incredibly difficult because of the amazing people affected but it is necessary and the right thing to do to ensure a lean and efficient Dapper Labs. We are setting the company up to both serve our customers in a sustainable way and to innovate and push the boundaries of technology forward for many years to come.
Similarly, Circle decided to slightly reduce its workforce and halt investments in less significant ventures to uphold a “robust balance sheet.” This announcement contradicted the previous statement made by Jeremy Fox-Green, the company’s Finance Chief, who stated that Circle would be expanding its workforce in 2023 to support its growth endeavors.
Earlier this year, a significant surge in layoffs within the crypto industry resulted in approximately 2,806 employees losing their jobs. Dapper Labs, a prominent player in the field, had to let go of around 20% of its full-time workforce in February. Moreover, other notable firms such as Coinbase, Crypto.com, Huobi, DCG, and Genesis also downsized their employee count, contributing to a 41% increase in workforce reduction compared to the previous year.
