Cryptocurrency companies continue to be negatively impacted by the latest bear market. Companies prefer to cut their expenses and lay off their staff to survive in the market. Two new companies joined the crypto money companies that went to staff reduction. Here are the details…
Crypto asset manager Osprey lays off employees
Crypto asset manager Osprey Funds has reportedly laid off most of its staff since the summer of 2022, highlighting the ongoing operational challenges posed by crypto’s ongoing bear market. Reports reported on January 9 that Osprey Funds is now operating with fewer than 10 employees after laying off 15 employees since the summer. CEO Greg Kling told the publication that the layoffs are consistent with the market downturn and that Osprey is not at risk of shutting down operations.
Osprey offers accredited investors access to crypto-focused investment products, including an over-the-counter (OTC) Bitcoin trust that can be purchased through brokerage accounts. The institutional appetite for crypto products has declined significantly over the past year, reflecting declining demand for riskier assets following tightening liquidity conditions around the world. 2022 was one of the worst years of the decade for global equities and bonds.
However, there are some positive signs that institutional investors are warming up to crypto again. A Coinbase-sponsored survey conducted between September 21 and October 27 found that 62 percent of institutional investors have increased their exposure to cryptoassets in the past 12 months.
SuperRare lays off 30 percent of its employees
CEO John Crain said in a post on Twitter that NFT platform SuperRare will cut staff by about 30 percent. Although the company grew “with the market” in its last bull run, the aggressive growth proved unsustainable, according to Crain. The CEO said, “We over-hired and I take full responsibility for this mistake.” said.
Stating that the company decided to “size the team at the right level” to get their work on track, Crain added that they will “do everything they can” for those leaving the company. SuperRare is the latest company to announce staff cuts during the bear market, with some companies reporting restructuring efforts.
The number of personnel working in the industry is decreasing
cryptocoin.com As we reported, layoffs in its industry have increased since the summer, and leading exchanges have made such announcements amid declining revenues. In November, Coinbase reportedly laid off more than 60 employees just months after cutting 18 percent of its workforce. Kraken also announced in November that it was laying off 30 percent of its global workforce. Other than that, staff cuts hit Huobi and Genesis exchanges soon after reports that Silvergate Bank will lay off about 200 employees, roughly 40 percent of its workforce.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.