Entire derivatives platforms felt the effects, with the major firms laying off employees.
Recent times have witnessed a rise in the number of layoffs throughout the sector.
Because of the current bear market, the crypto derivatives platform Paradigm has decided to reduce employee pay by 15%. After FTX’s bankruptcy last month, derivatives trading took a significant hit. Exchange co-founded by arrested entrepreneur Sam Bankman-Fried is accused of using billions of dollars in client cash to finance the uncollateralized margin trading of Alameda Research, a subsidiary of the exchange.
The company stated:
“Post FTX’s collapse, it is clear the contagion is deep and wide and like many of our clients and peers, we are not immune. Salary cuts reduce the need for layoffs seen across the ecosystem and have a lesser impact on org momentum.”
New Approach to Handle Sluggish Market
The previous month has witnessed a rise in the number of layoffs throughout the whole cryptocurrency sector. Coi
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