Crypto companies Galaxy Digital, BitMex, and Digital Currency Group (DCG) announced staff cuts to deal with the adverse state of the market, according to crypto reporter Wu Blockchain.
Layoffs
Galaxy Digital plans to lay off roughly 20% of its staff, equating to 75 employees out of its 375 staff, according to a Bloomberg News report.
Meanwhile, BitMex plans to cut staff by around 30% — or roughly 67 people. This is the company’s second round of lay offs in 2022 after it cut 25% of its staff in April.
BitMex blamed the bear market conditions for the layoffs. A company spokesperson told Watcher Guru:
“As an undesirable consequence, we had to make changes to our workforce. Our top priority is to make sure all employees who will be impacted have the support they require.”
On Nov. 2, DCG announced that it laid off 10% of its 100 staff. Unlike BitMex and Galaxy Digital, DCG said the cuts resulted from an internal restructuring.
The company said it made various changes and promotio
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