This week’s Crypto Biz explores Coinbase’s earnings, Reddit’s sale of crypto holdings and Circle’s new fee structure for institutional investors and high-volume traders.
A wave of headcount reductions is sweeping the crypto industry. In a major restructuring, blockchain development firm Consensys reduced its workforce by more than 20%. Joe Lubin, CEO of Consensys and co-founder of Ethereum, confirmed to Cointelegraph that 162 employees were affected.
Crypto exchange Kraken has also reduced its workforce, with reports indicating a reduction of 15% of the company’s staff, or almost 400 people. Kraken last laid off employees in November 2022, when it cut 1,100 people, or 30% of its workforce, due to “market conditions.”
Decentralized crypto exchange dYdX announced the dismissal of 35% of its staff, with its returned CEO Antonio Juliano suggesting the company needs a new direction.
