Moonvember kicks off with massive crypto staff layoffs
There remain pockets of hope, however, as some companies seek to grow despite market conditions.
New
The crypto and tech industry has seen a series of job cuts this week amid tough market conditions, but on a positive note, some are going against the grain.
Crypto companies, including crypto exchanges, venture capitalists, and blockchain developers, have been forced to downsize in order to stay nimble amid the bear market. Some, however, have done the opposite, opening offices in new locations and markets.
This comes weeks after several high-profile executives, such as former OpenSea CFO, Kraken co-founder Jesse Powell, and Ripple Labs engineering director, all made headlines. newspapers for quitting or resigning from space duties.
Stripe cuts about 1,000 employeesPatrick Collison, CEO of payment processor Stripe, said in a Nov. 3 memo that 14% of the company's staff - about 1,000 employees - would be laid off, citing "inflation, energy costs, rising interest rates, shrinking capital budgets, and sparser start-up funding" as reasons for the cuts.
Collison added that he was "overhired for the world we find ourselves in", saying that Stripe was "too optimistic" about the near-term growth of e-commerce, underestimating the impact of a broader market downturn and that its operating costs were rising too rapidly.
The memo says headcount changes will be uneven across Stripe, and it's unclear which departments will be affected or how it will affect the crypto side of its business. The payment startup launched a crypto payment product in April for Twitter creato...
There remain pockets of hope, however, as some companies seek to grow despite market conditions.
New
The crypto and tech industry has seen a series of job cuts this week amid tough market conditions, but on a positive note, some are going against the grain.
Crypto companies, including crypto exchanges, venture capitalists, and blockchain developers, have been forced to downsize in order to stay nimble amid the bear market. Some, however, have done the opposite, opening offices in new locations and markets.
This comes weeks after several high-profile executives, such as former OpenSea CFO, Kraken co-founder Jesse Powell, and Ripple Labs engineering director, all made headlines. newspapers for quitting or resigning from space duties.
Stripe cuts about 1,000 employeesPatrick Collison, CEO of payment processor Stripe, said in a Nov. 3 memo that 14% of the company's staff - about 1,000 employees - would be laid off, citing "inflation, energy costs, rising interest rates, shrinking capital budgets, and sparser start-up funding" as reasons for the cuts.
Collison added that he was "overhired for the world we find ourselves in", saying that Stripe was "too optimistic" about the near-term growth of e-commerce, underestimating the impact of a broader market downturn and that its operating costs were rising too rapidly.
The memo says headcount changes will be uneven across Stripe, and it's unclear which departments will be affected or how it will affect the crypto side of its business. The payment startup launched a crypto payment product in April for Twitter creato...
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