Crypto Companies Cut Staff as Bear Market Drags On

• CoinDesk is keeping a running list of industry players that have cut jobs since April due to the bear market.
• Digital Currency Group has promoted COO Mark Murphy to president while 13% of its staff departed.
• BitMEX and Galaxy Digital have also cut staff, highlighting the difficulties many crypto companies are facing.

The crypto winter has been an especially difficult period for many industry players, forcing them to make tough decisions about their staffing levels. CoinDesk is keeping a running list of these companies who have had to make layoffs since April of this year.

One of the biggest names in the industry, Digital Currency Group (DCG), the parent company of CoinDesk, has seen significant restructuring in recent months. COO Mark Murphy has been promoted to president as part of the restructuring, which included the departure of 13% of its staff. DCG’s Chief Executive Officer, Barry Silbert, said in a statement that the company is “confident in our ability to continue to build great products and invest in the industry’s best companies.”

Other crypto companies have had to take similar steps to adjust their staffing in light of the bear market. BitMEX, a crypto derivatives platform, was one of the first to announce layoffs, with the company cutting 10% of its staff in October due to “changes in the cryptocurrency markets”. Galaxy Digital, the crypto-focused venture capital firm founded by Mike Novogratz, also announced job cuts in January, citing “market conditions” as the reason for the layoffs.

These layoffs are indicative of the difficulties that many crypto companies have been facing in the current bear market. This market climate has forced companies to focus on cutting costs and streamlining their operations to ensure their survival. While this has been difficult for those affected, it is a necessary step for many companies as they adjust to the current market conditions.

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