By Michael Scott
The Singapore-based crypto investment firm Matrixport is slashing 10% of the marketing team. The firm released a report dated January 27 confirming that approximately 300 staff would be dismissed. Besides reducing the workforce, it was reported that Matrixport’s two top executives resigned.
Matrixport Downsizing the Marketing Team
The leading crypto lender Matrixport was initiated in 2019 by the crypto mogul Jihan Wu, co-founder of Bitcoin Mining Bitmain Technologies.
Over the past, crypto firms had successfully navigated the crypto hemisphere until last year’s market headwinds. To survive the market turbulence, crypto firms have downsized their headcounts. While Matrixport developed strategic funding efforts seeking $100M from the crypto community, rightsizing the staff is inevitable.
Recently, Matrixport director of operations Cynthia Wu announced a 10% axing of the employees. The targeted employees constitute critical players in the company’s marketing team.
Wu revealed that the sluggish market and the ongoing changes in the regulatory framework influenced the layoff.
Following this, Wu encourages new talent to apply for vacant positions in other departments except marketing. She restated that the firm will redirect its focus toward accredited investors citing the current crypto market condition.
Global Massive Layoffs in the Crypto Hemisphere
Matrixport follows the footsteps of other high-profile crypto exchanges axing their employees to remain operational amid a tumultuous market.
Recently, Coinbase dismissed 950 employees in the quest to reduce operational costs. Huobi cut off 20% of staff, while Gemini reduced the number of employees by 10%.
Besides the ongoing layoffs in the crypto industry, tech giants are not exempted. Amazon and Microsoft allegedly dismissed their core team this year. Also, Google announced plans to let go of 12000 employees a few days ago.
Why Did Matrixport Executives Resign?
As the crypto lender reduced a larger number of the marketing team, two executives were reported to quit.
A few days ago, the chief executive of Matrix Asset Management, Damien Loh, resigned. Loh disclosed that the firm was shifting to new leadership and currently waiting for a regulatory review.
Afterward, the manager of business development IZ Wong stepped down for reasons yet to be known. Matrixport has a trading volume of $5B monthly despite the management changes.