This prolonged crypto bear market is really taking a toll on the crypto space, crypto firms both lending and exchanges, and also on crypto traders and investors, just yesterday I read that Amazon is going to layoff 18,000 of their employees, before some people come for me I know Amazon is not a crypto firm, yes, but the company's plan to lay off 18,000 employees makes them fit the profile or this post perfectly to me. Now, that being said the crypto firms that are laying off staff in order to keep their companies' heads above the waters, we have Crypto Lender Genesis who fired 30% of its staff or workforce which is a total number of 145 employees, the other crypto firm that layed off its staff yesterday was Crypto Bank Silvergate.

Crypto Bank Silvergate layed off 200 employees yesterday which makes up 40% of its workforce for the same reason as Crypto Lender Genesis, they layed off their staff to save their companies from lack of liquidity or from going under like other crypto firms that collapsed and filed for bankruptcy last year after the whole LUNA and FTX saga happened.

Alan Lane, CEO of Silvergate, stated that:

“In response to the rapid changes in the digital asset industry during the fourth quarter, we took commensurate steps to ensure that we were maintaining cash liquidity in order to satisfy potential deposit outflows, and we currently maintain a cash posoveress of our digital asset related deposits.”

Crypto bank Silvergate has not lost interest in the crypto space as some people believe and are painting it online on Twitter and other social media platforms, The CEO of Silvergates Alan Lane, was not the only person that gave out a statement concerning the reason why they are laying off staffs, a spokesperson from Crypto Lendering firm Genesis gave out a statement too.

Here is the Genesis spokesperson statement:

“As we continue to navigate unprecedented industry challenges, Genesis has made the difficult decision to reduce our headcount globally. These measures are part of our ongoing efforts to move our business forward. We sincerely appreciate the hard work of our talented and dedicated team as we continue to work to identify the best outcome for Genesis’s business, clients, and employees for the long term,” 

Do you think these lay off of staff will continue? and will other crypto firms join them in laying off staff too?

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