Crypto Industry’s Job Cuts Top 1,600 in First Weeks of Year (2)

Crypto companies are once again tightening their belts, as the bear market enters the second year and the industry suffers from major meltdowns that damage its outlook.

Coinbase Global Inc., Blockchain.com, Genesis and Crypto.com are among companies embarking on a new round of layoffs. The four firms, along with exchange Huobi, crypto bank Silvergate Capital Corp. and Ethereum software firm ConsenSys, collectively are shedding thousands of jobs in the first two weeks of 2023 — with a tally of more than 1,600 lost even before Crypto.com.

In a letter to employees, Coinbase Chief Executive Officer Brian Armstrong said ...