Bittrex Cuts Staff by 80 Amid Crypto Market Downturn

• Bittrex, a Seattle-based cryptocurrency exchange, is cutting its staff by more than 80 people due to the new economic environment.
• The layoffs affect employees in most departments across the company.
• Many other crypto exchanges have laid off staff in the wake of declines in cryptocurrency prices and the collapse of the FTX exchange.

Bittrex, a Seattle-based cryptocurrency exchange, has announced it will be laying off more than 80 of its staff due to the “new economic environment”. The layoffs will affect employees in most departments across the company.

The decision comes as a result of the market downturn triggered by multiple failures in the crypto ecosystem, which led to an outright collapse by the end of the year. Bittrex CEO Richie Lai stated in an internal email that the team had been working “aggressively” to reduce expenses and increase efficiencies, but were not successful.

Lai said, “These events have caused us to reset our strategy and balance our investments with the new economic environment in which we find ourselves.”

This news follows similar announcements from other crypto exchanges. In January, U.S.-based exchange Gemini announced a third round of layoffs, while Coinbase said it would cut 20% of its workforce.

The layoffs come in the midst of a turbulent period for the crypto markets. In the last year, cryptocurrency prices have seen a sharp decline and major projects and platforms have failed. This has resulted in a challenging environment for exchanges, as well as other crypto companies.

In response to the layoffs, Bittrex has pledged to provide affected employees with severance packages, outplacement services, and continued healthcare benefits. The company also said that it will do what it can to help them transition to new jobs.

The news of the layoffs from Bittrex is yet another example of the challenging market conditions currently facing the crypto industry. While the layoffs are unfortunate, the company’s commitment to helping its former employees transition to new jobs is a positive sign for the industry.