In January 2023, Singapore-based crypto services provider Matrixport, co-founded by billionaire Jihan Wu, announced a workforce reduction of 10% as part of its strategy to navigate the ongoing crypto winter. The layoffs, primarily affecting the marketing department, impacted over 29 employees from a total staff of more than 290. The company cited a strategic shift towards serving accredited investors due to significant regulatory changes following industry-wide turmoil, including the FTX collapse. While downsizing in some areas, Matrixport continued hiring in compliance, legal, and product development. The firm, which managed $10 billion in assets and traded $5 billion monthly, aimed to realign its teams with this new focus while supporting affected employees in finding alternative placements.
