The crypto industry is severely forced to lay off tech workers to cut costs.

Thairath Online

  • Thai Rath Scoop

  • WORLD

19 Jun 2022 4:10 p.m.

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dismissal of employees

or the lay-off of employees

in technology company

is happening non-stop

like autumn all over the world

especially in the investment business circle

Cryptocurrency

or

cryptocurrencies

It's a cryptocurrency

 that many investors are hurting with a sharp drop in value.

Laying of employees to cut meat to save lives

layoffs or layoffs in the crypto industry

There was a clear example.

Earlier this week, Bren Armstrong, CEO of cryptocurrency exchange Coinbase.

Cryptocurrency exchanges have just announced that they are laying off 18 percent of their 1,100 employees.

After this company has grown according to the economic conditions of the last 10 years and bright with the growth of crypto investment.

very busy

Until the company grows like a leap last year.

With a company value of up to 13 billion US dollars.

But now the signs of a recession are evident.

and investment conditions in crypto

The most volatile that tends to be in the downtrend.

Coinbase's website, Coinbase, has 98 million verified users, a network of over 100 countries, and over 4,900 employees (only 1,250 employees as of early 2021)



. cold

Although a couple of months ago

Just announced the recruitment of 1,000 new jobs to work in India.

Coinbase is not the first company to announce layoffs.

But the announcement follows a number of other companies, such as BlockFi, another company that has seen explosive growth in 2021 as well, but recently announced it was laying off 170 employees, or roughly 20 percent of its workforce, and has crypto.com laying off. 260 employees, or 5 percent, including Bits, which is laying off 80 of its roughly 700 employees.


Crypto prices fall heavily, people and technology fall.

Conditions for

dismissal of employees

in technology

working in a company dealing with crypto investments

This follows a downtrend that has been declining so hard that it has been hurting by market cap that used to be worth $3 trillion.

in Nov.

2021 dropped to less than $1 trillion

especially bitcoin

It used to be worth a maximum of $69,000, but as of June 18, 2022, it dropped to a very low price of $19,100.

layoffs of employees in the crypto industry

It's just part of the pain in the tech industry.

because if you look back since the beginning of the year

Around 35,000 tech companies have been laid off around the world, 21,000 in the United States alone.

aggravated interest

Wait for a while and then hire new employees.

This economic crisis also prompted Elon Musk, owner of the Tesla and SpaceX empire, to say that.

It felt bad about the economy and announced it was preparing to

lay off

10 percent of its roughly 100,000 global workforce, or even Twitter, where Elon Musk recently acquired a majority stake.

has announced that it has stopped accepting new employees since May.

Many companies are still adjusting their investment plans.

After on June 15, the Fed or the US Federal Reserve.

Announced a short-term interest rate increase of 0.75 percent and is likely to increase further.

to control inflation

which means various business sectors

will have a higher cost

If it is necessary to borrow money to invest, of course, many businesses choose to delay their investment first.

including the delay in recruiting new employees

that's the best

As much as you can now.

References: CBS News, Financialexpress, CNBC.

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