Protocol Labs, Chainalysis and Bittrex add to crypto layoff season

Several crypto companies have actually made task cuts today amidst the continuous crypto winter season, keeping “impactful” staff members as they get ready for a “longer downturn.”

At least 216 tasks were slashed in between 3 crypto companies – open-source software application lab Protocol Labs, blockchain information company Chainalysis and U.S. cryptocurrency exchange Bittrex, with decreases of 89, 83 and 44 staff members respectively.

Juan Benet, CEO of Protocol Labs, the moms and dad business of Filecoin (FIL), revealed the task cuts in an article on Feb. 3 mentioning that the business has actually had to focus its headcount “against the most impactful and business critical efforts.”

He specified that the business’s choice to cut “89 roles,” roughly 21% of its labor force, was to guarantee it is well located to “weather this extended winter.”

Benet recommended that the business needs to “prepare for a longer downturn,” provided it has actually been an “extremely challenging” time for the crypto market.

Meanwhile Bittrex staff members were notified by CEO Richie Lai over e-mail on Feb. 1 that the business has actually made a decrease to its labor force to “ensure the long-term viability” of the company.

The email was leaked via Twitter on Feb. 2, in which Lai stated that despite the leadership team “working aggressively” to decrease expenditures and boost performances over the last numerous months, the efforts have actually not produced the “results essential.”

Lai added that the market conditions have forced the company to reset their strategy and balance its “investments with the new economic environment.”

According to Washington State employment data on Feb. 2 it was revealed that Bittrex cut 83 jobs.

Related: Crypto recruitment execs reveal the safest jobs amid layoff season

Maddie Kennedy, director of communications at Chainalysis, told Forbes on Feb. 1 that those “primarily in sales” at the company were let go, as 44 of its 900 employees, approximately 4.8% of the workforce, were slashed.

These layoffs come after news that at least 2,900 staff were cut across 14 crypto firms in January.

Coinbase had the largest layoffs amongst those firms, cutting 950 of its staff on Jan. 10.

Meanwhile competitor exchanges, Luno and Huobi had reductions of approximately 500, 330 and 320 staff respectively.

Cointelegraph reached out for comment from Protocol Labs, Chainalysis and Bittrex but did not receive a response by the time of publication.