Billionaire entrepreneur Jihan Wu's Singapore-based crypto services provider Matrixport said Friday that it is downsizing its workforce by 10%, joining a slew of other industry giants reducing headcount to sail through the harsh crypto winter.
The job losses are primarily concentrated in the marketing department, Matrixport's Chief Operating Officer Cynthia Wu told CoinDesk.
"We've sharpened our strategic focus towards accredited investors given the significant shift in the regulatory climate following the industry-wide capitulations. Our teams have been aligned to reflect this change," Wu said. "We continue to hire in the areas of compliance, legal and product development, with reductions in marketing, impacting 10% of our headcount."
"Our human resource colleagues have supported those affected to explore alternative placements," Wu added.
Matrixport had more than 290 employees serving customers in 40 countries. The firm trades $5 billion worth of crypto products per month and has $10 billion worth of assets under management and custody.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.