• Bittrex, a Seattle-based cryptocurrency exchange, announced that it is reducing its staff by more than 80 people due to the current market conditions.
• CEO Richie Lai cited the “new economic environment” as the primary reason for the cuts.
• This follows other crypto exchanges like Gemini and Coinbase who have also recently announced layoffs in response to sharp declines in cryptocurrency prices and the collapse of certain firms.
Bittrex Announces Layoffs
Seattle-based cryptocurrency exchange Bittrex has confirmed that it will be reducing its staff by more than 80 people due to current market conditions. According to an email from CEO Richie Lai, the team had been attempting to reduce expenses and increase efficiencies but were unsuccessful due to the “market downturn triggered by multiple failures in the crypto ecosystem.”
Impact of Market Conditions
The new economic environment caused by these recent events has forced Bittrex to reset its strategy and balance investments accordingly. Layoffs have affected at least some employees in most departments across Bittrex. This news follows other crypto exchanges such as Gemini and Coinbase who also recently announced layoffs in response to sharp declines in cryptocurrency prices and the collapse of certain firms.
Crypto Industry Job Losses
CoinDesk estimates that since April more than 29,000 jobs have been lost across the crypto industry based on media reports and press releases. These job losses are likely due to businesses struggling with revenue losses caused by bearish market trends within this sector throughout 2020.
Changes Going Forward
Going forward, Bittrex will continue looking for ways to reduce costs while also finding new opportunities for growth despite difficult market conditions. The company will also remain committed to providing customers with secure trading experiences along with innovative products for users worldwide.
Conclusion
Overall, Bittrex’s decision reflects similar decisions across many companies within this sector as they all attempt to adjust their strategies according to new economic environments brought on by widespread changes within this industry during 2020.