After the sudden departure of its CEO, Alexander Höptner, crypto exchange platform BitMEX has just confirmed the layoff of 30% of its employees, US media outlet The Block reveals.
“We are moving away from our Beyond Derivatives strategy and will be reversing much of our focus on providing the crypto derivatives trading experience that people will turn to. We will refocus on liquidity, latency and a vibrant derivatives community, including BMEX token trading.
As an unintended consequence, we have had to make changes to our workforce. Our top priority is to ensure that all employees who will be affected have the support they need. Each of them has been instrumental in the remarkable journey Bitmex has taken from its roots as a small startup to one of the world’s top crypto exchanges,” a Bitmex spokesperson said.
The trading platform specializing in crypto derivatives is feeling the full brunt of a bear market that is taking hold for the long haul.
Many other companies in the sector such as NYDIG, Robinhood, Coinbase, Bybit, Huobi, Bitpanda, CoinFLEX, Blockchain.com, OpenSea, Banxa, Compass Mining, or Gemini are also experiencing financial difficulties that have forced them to lay off staff in order to save money.
Recently, it was the crypto staking platform Freeway that suspended withdrawals for its customers.
Another victim of this crypto bear market, crypto bank Nuri announced its permanent closure, inviting its hundreds of thousands of customers to withdraw their funds before the end of the year, click here to read more.
Launched in 2014, crypto exchange BitMEX is one of the historical players in crypto trading alongside Binance, Kraken or FTX.
In order to survive this harsh crypto winter and not end up in bankruptcy like Celsius or Voyager Digital, laying off employees en masse does indeed allow for significant savings.