Crypto Brokerage Lays Off 28% of Workforce as Industry's Cruel Winter Continues

The company is shedding 110 staffers in a bloody week of layoffs across the crypto sector.

AccessTimeIconJan 12, 2023 at 11:00 a.m. UTC
Updated May 9, 2023 at 4:05 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

Cryptocurrency brokerage said it's letting go of 28% of its workforce, or about 110 employees, adding to a dreadful week of bloodletting across the battered cryptocurrency industry.

Thursday’s job losses come after was forced to cut about 150 staff in July, as the firm grappled with a $270 million hit on loans it made to failed hedge fund Three Arrows Capital.

“The crypto ecosystem is facing significant headwinds as its course corrects from the challenges of the last year,” said a representative via email. “To better balance product offerings with demand, we’ve made the difficult decision to reduce operating costs and headcount to rightsize the company."

Blockchain’s losses compound a grim week in crypto that saw U.S. exchange Coinbase announce cuts of 20% of its staff, or around 950 jobs, followed by news that Ethereum development firm ConsenSys plans to lay off 100 or more staffers. CoinDesk estimates nearly 27,000 jobs have been lost across the industry since April of last year. is now left with a staff of 280, having grown from 160 employees at the start of 2021. All impacted employees are receiving severance packages, the details of which vary by country, the company said.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Ian Allison

Ian Allison is an award-winning senior reporter at CoinDesk. He holds ETH.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.

Read more about