Matrixport Layoffs
January 2023
Matrixport announced a layoff affecting 29 employees (10% of its workforce) in January 2023. The company operates in the Crypto sector.
29
10%
Jan 27, 2023
About
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.
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