OKX Exchange Hints Layoffs: Will Crypto Industry Suffer Further?

• OKX, a Dublin-based crypto exchange, has hinted at potential layoffs of less than 1% of its staff.
• All affected employees will be assisted through their transition.
• The crypto winter and the subsequent fall of prices led to many companies in the digital currency space having to contend with staff shortages and layoffs.

OKX Exchange Hints Potential Layoffs Are Coming

Dublin-based crypto exchange OKX has hinted that it’s potentially looking into laying off roughly one percent of its staff as a means of saving money and helping itself during this time of recovery after the 2022 crypto winter.

Is OKX the Next Crypto Firm Looking to Let Employees Go?

Right now, the company is putting all employees through a consultation period. The goal is to see what resources can be reallocated and to see which members of the present headcount are no longer serving forward-moving purposes. A spokesperson for OKX mentioned in a statement: We recently made the decision to enter into employment consultation with less than one percent of our global workforce, employed through OKBL (Dublin) Services and Technology Co. Limited. All affected employees will be assisted through their transition[s] by the company. Net global headcount remains unaffected. This is primarily a global resourcing decision on our part, and we intend to grow our global headcount in 2023. We remain committed to Dublin as an important strategic location.

OKX Sponsors Istanbul Fintech Week

The news comes right after OKX served as a sponsor of Istanbul Fintech Week in Turkey. The event saw several crypto, fintech, and blockchain entrepreneurs fly in from all over the world to meet with innovators and investors.

2022 Crypto Winter Takes Its Toll

2022 was easily the worst year on record for the digital currency arena. During that time, bitcoin – which had previously been trading at a new all-time high of about $68,000 per unit (that was in November of 2021) – fell by more than 70 percent and ultimately ended the year at a measly $16,600. Several other cryptocurrencies chose to follow in BTC’s footsteps, thus causing the digital currency space to lose more than $2 trillion in valuation

Gemini Exchange Also Experienced Layoffs

While BTC and the digital currency industry have shown newfound signs of life over the past two months, things are not where they should be, and there is still plenty of work that up-and-coming bulls need to do if they want to see crypto repair itself. So Many Layoffs in So Little Time The crypto winter and the subsequent fall of prices caused a lot