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One of the main reasons behind the European crypto companies\' decision to cut hundreds of staff members is the recent market downturn. The cryptocurrency market has experienced Kraken, one of the world\'s largest cryptocurrency exchanges, is reorganizing its workforce by reducing some positions and consolidating teams where redundancies exist, while continuing to hire According to findings by the crypto research startup K33, the number of crypto-related employees has surged nearly 160% since 2025. In a report titled “The Emerging Crypto Industry,” K33 Gemini and other crypto firms based in Ireland have significantly beefed up staffing over the past 18 months in anticipation of the introduction of the Markets in Crypto Assets In June, cryptocurrency exchange Crypto.com announced it was laying off around 260 employees, or 5 percent of its workforce, due to the widespread downturn in the crypto market. RELATED POSTS Brazil eyes prohibition on stablecoin withdrawals to self-custody wallets Hong Kong proposes crypto tax exemptions to rival Singapore as financial hub Stablecoin issuer, Tether, has disclosed its plans to ramp up its employee count. In a recent interview with Bloomberg, Tether CEO, Paolo Ardoino, announced his vision of Austria-based crypto trading platform Bitpanda is slashing its headcount to ensure sustainability, the company said in a Friday blog post. Crypto exchanges Coinbase and BlockFi are laying off hundreds of staff members, equivalent to a fifth of their workforces, as they struggle to survive the second wave of the

European Crypto Staff Cuts: Hundreds of Jobs Lost Amid Market Downturn

The European crypto landscape is experiencing significant shifts, marked by widespread staff reductions. This trend sees European crypto companies cut hundreds of staff members, a direct consequence of the recent market downturn.

Why are European Crypto Companies Cutting Staff?

One of the main reasons behind the European crypto companies\' decision to cut hundreds of staff members is the recent market downturn. The cryptocurrency market has experienced significant volatility, impacting the profitability and operational capacity of many firms.

Major Players Affected

Several prominent crypto exchanges and platforms are making difficult choices. Austria-based crypto trading platform Bitpanda is slashing its headcount to ensure sustainability, the company said in a Friday blog post. Crypto exchanges Coinbase and BlockFi are laying off hundreds of staff members, equivalent to a fifth of their workforces, as they struggle to survive the second wave of market pressures. In June, cryptocurrency exchange Crypto.com announced it was laying off around 260 employees, or 5 percent of its workforce, due to the widespread downturn in the crypto market. Kraken, one of the world\'s largest cryptocurrency exchanges, is reorganizing its workforce by reducing some positions and consolidating teams where redundancies exist, while continuing to hire strategically.

Growth Before the Fall: The Crypto Hiring Boom

This wave of layoffs comes after a period of rapid growth. According to findings by the crypto research startup K33, the number of crypto-related employees has surged nearly 160% since 2025. In a report titled “The Emerging Crypto Industry,” K33 highlighted the previous expansion efforts.

Expansion Plans Delayed: MiCA and Staffing in Ireland

Gemini and other crypto firms based in Ireland have significantly beefed up staffing over the past 18 months in anticipation of the introduction of the Markets in Crypto Assets (MiCA) regulations. However, the current market conditions have forced a reevaluation of these expansion plans.

Not All Gloom: Some Companies are Still Hiring

While many companies are downsizing, some are bucking the trend. Stablecoin issuer, Tether, has disclosed its plans to ramp up its employee count. In a recent interview with Bloomberg, Tether CEO, Paolo Ardoino, announced his vision of continued growth for the company.

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The European crypto industry is navigating a challenging period. The impact of the market downturn on staffing levels highlights the volatility and inherent risks within the cryptocurrency sector.

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