A drawn out crypto winter is sending chills through the industry’s workforce.
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The last 12 months or so have been particularly grueling for crypto. Yet, as Spring 2023 approaches, a clearer idea of what the slump in crypto prices might mean for the companies shaping the industry is starting to emerge.
One of the biggest consequences of the prolonged crypto winter is that digital-asset firms have had to make job cuts, including big names like Galaxy Digital, Genesis Global and Chainalysis. Since the start of 2023, more than 15 crypto companies have posted labor force cuts. Some, like Silvergate Capital and crypto lender Amber Group, have cut as much as 40% of their workforce.
While that trend is not universal, it does pose the question: What do the cuts say about the general health of the cryptosphere?
Bloomberg reporter Hannah Miller joins this episode to discuss.
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This podcast is produced by the Bloomberg Crypto Podcast team: Supervising producer: Vicki Vergolina, Senior Producer: Janet Babin, Producers: Sharon Beriro and Muhammad Farouk, Associate Producers: Mo Andam and Ty Butler. Sound Design/Engineer: Desta Wondirad.
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