BitMEX Parting Ways with 30% of Workforce

Another crypto company is greatly suffering the effects of the ongoing bear market. This time, BitMEX is reportedly planning to lay off 30% of its entire workforce.

A Seychelles-based crypto derivatives exchange, BitMEX is currently one of the leading players in the field. According to CoinGecko, it’s done $371 million over the past 24 hours. The news of layoffs within the company comes courtesy of the Chinese reporter, going by the name of Wu Blockchain on Twitter, who also tweeted that Galaxy Digital will part with 20% and that DCG has already let go 10% of employees, respectively.

This news comes just one week after the resignation of BitMEX’s CEO, Alexander Hoeptner. He was succeeded by former CFO, Stephen Lutz, who then promised that the exchange will keep delivering innovative products in a secure trading environment. BitMEX also launched a spot trading platform, BitMEX Spot this year, but obviously, that wasn’t enough to protect it against the crypto winter.

According to pundits, the bull market is nowhere in sight. Historical data suggests that the October low could be the short-term bottom, but even this is uncertain. The rising inflation has a key effect on market health, which will, in large part, be determined by future interest rates.

Prior to BitMEX, many prominent crypto companies were forced to lay off a substantial percentage of their workforces due to the bear market. For instance, BlockFi and Crypto.com parted ways with 20% and 5% of employees in June, respectively, while Blockchain.com let go 25% of its employees in July. The overall list is quite long and includes other well-known companies, such as Coinbase, Gemini, and WazirX.