Analysis Crypto by Thebittimes.Com

Mike Novogratz. Source: a video screenshot, Bitcoin Magazine / YouTube Michael Novogratz, the founder of the US-based crypto financial services firm Galaxy Digital Holdings , could let go of up to 20% of the workforce amid the market downturn . Crypto exchange BitMEX has also reduced its staff.  According to a report by Bloomberg, there is no official plan for a workforce reduction at Galaxy Digital yet – rather, it is still being considered and developed, meaning that the final number of fired workers is still unknown. The report did say, however, that, “The final number could be in a range of 15% to 20%, according to people familiar with the matter.” The company reportedly has 375 employees across the world, per the data at the end of the second quarter, meaning that 75 people could possibly be fired. Galaxy’s spokesperson Michael Wursthorn was quoted as saying that, “We are always considering optimal team structure and strategy a...

Winter has not yet concluded in the crypto market. Firms in the space have been finding it difficult to sustain. In the initial half of the year, a host of big names succumbed to liquidations or declared bankruptcy. Others remaining in the space have been trying to slash costs to strike a balance. Laying off staff has been a go-to route for top companies this winter. The said spree is currently on in full swing. In just over the past half a day, three large crypto firms— Galaxy Digital , BitMEX, and DCG—have either reduced or plan to reduce their headcount. In the last 12 hours of news, three large cryptocurrency companies have laid off their staff: Galaxy Digital plans to lay off 20% of its staff; BitMEX plans to lay off 30% of its staff, and DCG has laid off 10% of its staff. — Wu Blockchain (@WuBlockchain) November 2, 2022 Galaxy Digital This firm founded by Michael Novogratz is reportedly exploring eliminating “as much as 20% of its workforce...