The recent very sharp fall in the value of cryptocurrencies has had a dramatic effect in a very short time. With the value of 1 BTC in particular which is now below RM100 thousand, a number of DeFi (Decentralized Finance) companies have started laying off their employees, or withdrawing job offers given.
Crypto.com, one of the largest cryptocurrency trading companies is seen to be laying off around 260 employees to ensure the company’s survival in the face of difficult times for the industry.
BlockFi, another cryptocurrency trading platform also confirmed that they will lay off about 20 percent of their total employees, as many as 200 people due to the current state of the industry, and also to ensure the company can generate profits this year.
Coinbase, another cryptocurrency platform has reportedly withdrawn job offers to 300 individuals who have been accepted and are due to enter the company next month. The Vice report said that Coinbase had previously promised that their jobs were safe eventually not living up to their promise and withdrew the offer.
Aside from this employee issue, the value of cryptocurrencies which has seen the worst plummeting in the last two years has caused some cryptocurrency trading platforms such as Binance to also close their exchanges due to excessive transaction volumes.