Job Cuts Reflect Crypto Winter’s Deep Freeze | Bloomberg Crypto

Job Cuts Reflect Crypto Winter’s Deep Freeze | Bloomberg Crypto

The last 12 months or so have been a particularly grueling season for crypto. And as we head into the spring months of 2023, we’re getting a better sense of what the slump in crypto prices has meant for the companies that shape the fledgling industry.

One of the biggest consequences digital asset firms are now finding is the need to make job cuts. Since the start of 2023 (, more than 15 crypto companies have posted labor force cuts including big names like Galaxy Digital, Genesis Global, and Chainanalysis. Some – like ( Silvergate Capital and crypto lender Amber Group ( – have cut as much as 40% ( of their workforce.

While that trend is not universal – Circle CEO Jeremy Allaire spoke with Bloomberg a few weeks ago, and said Circle is actually hiring people –what do these cuts say about the general health of crypto?

Bloomberg reporter Hannah Miller ( joins to discuss the latest in the crypto workforce.

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Crypto is the world’s hottest financial trend. Digital tokens like Bitcoin and NFTs have moved from niche products to showing up in Super Bowl commercials and song lyrics. Advocates of these new asset classes promise they will democratize the finance industry, and they hail the blockchain technology that backs it all as the future of computing. Skeptics say it’s another financial house of cards. No newsroom on the planet is better equipped than Bloomberg to cut through all the noise and provide clarity, context and authority.

In this new daily podcast, Bloomberg’s reporting team will tease out what’s actually important in the crypto conversation. Led by crypto expert Stacy-Marie Ishmael, the podcast will draw on reporters in every region and credible voices in the industry to cover everything from regulation to alt coins to DeFi, and even the environmental impact of the currency that promises to change the finance landscape indefinitely.

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