The American cryptocurrency exchange Bittrex has, in turn, just made layoffs and reduced its teams.
According to an official document, the Seattle-based crypto-exchange, which has not made any announcement on the matter, has laid off 83 people, or about 30% of its workforce.
A Bittrex representative, interviewed by Decrypt, confirmed the layoffs and said they affected “most branches” of the company, without elaborating.
In an email sent to his employees, which was leaked on Twitter on Wednesday, the head of the exchange, Richi Lai, said that the platform was now obliged to reduce its expenses to survive.
The market slowdown triggered by multiple failures in the crypto ecosystem turned into an outright collapse by the end of the year. These events led us to rethink our strategy,” he explained.
In recent months, Bittrex’s larger U.S. rivals, Coinbase and Kraken, have also been downsizing their teams.