The cryptocurrency exchange BitMEX reportedly plans to cut its staff by 30% in the latest example of industry companies laying off employees.
The reports come a week after CEO Alexander Höptner stepped down from his role.
The ongoing bear market has triggered a dismissal spree in numerous crypto-related companies, and the Seychelles-based derivatives trading venue BitMEX seems to be the latest example.
According to the Chinese reporter, going by the Twitter initials Wu Blockchain, the firm intends to lay off nearly a third of its entire workforce.
The news comes one week after BitMEX’s CEO – Alexander Höptner – announced his resignation after staying at the helm for almost two years. His successor is CFO Stephen Lutz.
As CryptoPotato reported earlier today, Mike Novogratz’s crypto-focused organization – Galaxy Digital – also plans to reduce its manpower. Different sources claim the company might dismiss 50 to 75 employees or up to 20% of its total workforce.
Other firms that previously took such actions include Gemini, CryptoCom, Huobi, Coinbase, Bybit, and more.The world’s largest cryptocurrency exchange – Binance – is among the few that decided to expand its team despite the negative macroeconomic environment.
CEO Changpeng Zhao assured in June that the platform has a “healthy war chest” and maintained that the crypto winter is a great time to hire new staff.