Galaxy Digital, BitMex, DCG announce staff cuts News โธ BitMEX โธ Bear Market
Galaxy Digital, BitMex, DCG announce staff cuts
Galaxy Digital plans to cut 20% of its staff, while BitMex is eyeing layoff of around 30%. Meanwhile, DCG laid off 10% of its 100 staff.
2 min read
Updated: Nov. 3, 2022 at 11:09 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Crypto companies Galaxy Digital, BitMex, and Digital Currency Group (DCG) announced staff cuts to deal with the adverse state of the market, according to crypto reporter Wu Blockchain.
Layoffs
Galaxy Digitalย plans to lay off roughly 20% of its staff, equating to 75 employees out of its 375 staff, according to a Bloomberg News report.
Meanwhile, BitMex plans to cut staff by around an undisclosed amount. This is the company’s second round of lay offs in 2022 after it cut 25% of its staff in April.
BitMex blamed the bear market conditions for the layoffs. A company spokesperson told Watcher Guru:
โAs an undesirable consequence, we had to make changes to our workforce. Our top priority is to make sure all employees who will be impacted have the support they require.โ
On Nov. 2, DCG announced that it laid off 10% of its 100 staff. Unlike BitMex andย Galaxy Digital, DCG said the cuts resulted from an internal restructuring.
The company said it made various changes and promotions in multiple positions to prepare for the next growth phase.
Layoff trend
The winter market affected many crypto companies and forced them to downsize. The first company that gave in to the pressures was Gemini. It announced laying off 10% of its staff in June. This was the first downsizing decision in Gemini’s history, followed by a second decision to let go of another 15% of its employees in July.
Coinbase became the second crypto giant to participate in the layoffs by un-hiring new recruits in June.
Exchange giant Crypto.com cut staff by 5% once crypto winter began in earnest, while Robinhood laid off 9% of its employees, BlockFi 20%, Bitso 10%, and blockchain.com cut 25% of its staff.
The firing trend spread within a few months, leaving many professionals unemployed. Responding to the situation in the cryptosphere, the Financial Industry Regulatory Authority (FINRA) announced that it would consider hiring some of the people who were let go from crypto companies to enhance its capability to understand and monitor crypto assets.
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Author 
Zeynep Geylan
Zeynep is an academic who turned to crypto in 2018. Originating in social sciences, she is especially interested in the social impact of blockchain and cryptocurrencies and strongly believes in their transmuting power.
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In this article
Galaxy Digital
Galaxy Digital LP is a full service, digital assets merchant bank, with distinct trading, asset management, and principal investment..
BitMEX
HDR Global Trading Limited owns and operates BitMEX which is a trading platform that offers investors access to the global financial markets using only Bitcoin.
Digital Currency Group
Digital Currency Group’s mission is to accelerate the development of a better financial system.
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
Gemini
Gemini is a regulated digital asset exchange and custodian that allows customers to buy, sell, store, and stake digital assets in a regulated, secure, and compliant manner.
