We don’t need you anymore: 6 largest blockchain companies who recently fired their employees

The cryptocurrency market has been falling since May 2022, and this, among other things, affects the well-being of blockchain companies. News about employee layoffs appear regularly. Here are six companies that announced it in the last month.

Gemini

Gemini is a company that produces a series of blockchain products: a cryptocurrency exchanger, an investment app, and a payment system, including the Gemini credit card.

As Bloomberg reported on June 2, 2022, Gemini’s owners, twins Cameron and Tyler Winklevoss, told employees that they plan to cut jobs by 10%. In a statement, the brothers wrote that the company is in a “contraction phase” — what the industry calls ‘crypto winter’” — and that it’s connected with macroeconomic and geopolitical processes.

Rain

On the same day, Bloomberg reported layoffs at Rain. Rain is one of the largest cryptocurrency exchanges in the Middle East.

The cuts at the company affected dozens of employees in all departments. According to Rain CEO Joseph Dallago, this was also due to the instability in the crypto market.

2TM

2TM is a group of fintech companies. Among others, it includes the cryptocurrency exchange platform Mercado Bitcoin, which works with a focus on the Latin American market.

As Terra reported on June 1, 2022, 2TM fired nearly 12% of employees at Mercado Bitcoin. Terra writes that they started talking about possible layoffs back in April: this was announced by the Japanese investors in the company. The group said in an official statement that the reason was the growth of interest rates and inflation.

All dismissed employees were offered a package of benefits, including assistance in finding a new job and preservation of health insurance.

Bitso

Another Latin American exchange also decided to cut employees, CoinDesk reported on May 26, 2022.

There was nothing about the market situation in the reasons given by the company. Bitso’s owners claim they are restructuring operations to “progress faster.” Eighty of its nearly 700 employees have been laid off to achieve this goal.

Nuri

Nuri is a neobank, one of the largest in Germany. It offers both a regular current account and a cryptocurrency account.

On May 25, 2022, Handelsblatt reported that Nuri laid off one in five employees. According to CEO Kristina Walcker-Mayer, the decision was due to rising inflation and the war in Ukraine. At the same time, she assured that the users and the quality of the product would not be affected by the changes.

Buenbit

One of the most significant cuts occurred at Argentine cryptocurrency exchange Buenbit, as Coindesk reported on May 24, 2022. The company laid off 45% of its employees and froze its expansion plans in other countries.

Buenbit CEO Federico Ogue clarifies that the cuts have nothing to do with the collapse of cryptocurrencies but were due to a “global overhaul” of the entire technology industry.