Media reports layoffs at Galaxy Digital, BitMEX and DCG.

Over the past day, reports emerged of 10-30% staff cuts at three major cryptocurrency firms — Galaxy Digital, BitMEX and Digital Currency Group (DCG).

In the last 12 hours of news, three large cryptocurrency companies have laid off their staff: Galaxy Digital plans to lay off 20% of its staff; BitMEX plans to lay off 30% of its staff, and DCG has laid off 10% of its staff.

— Wu Blockchain (@WuBlockchain) November 2, 2022

According to Bloomberg, Barry Silbert-led DCG, as part of a restructuring, cut 10 employees. The company now has 66 employees, sources said.

The firm also promoted Mark Murphy from Chief Operating Officer to President.

“Recently we implemented a number of internal changes to position DCG for the next phase of growth. This included optimising our departments and several promotions within the leadership team,” said a company spokesperson.

The crypto derivatives exchange BitMEX laid off 30% of its staff, The Block reports.

The platform abandoned its Beyond Derivatives expansion strategy, which included promoting spot trading, brokerage and custodial services. This came days after the departure of Alexander Heptner from the CEO role.

“We are abandoning the Beyond Derivatives strategy and will return the primary focus to trading crypto derivatives,” said an exchange spokesperson.

He described the layoffs as “undesirable consequences” of the platform’s policy change.

Earlier, BitMEX had already cut its staff by about a quarter after the deal to acquire the German bank Bankhaus von der Heydt was called off.

Earlier, Gemini, Bitso and the parent company of Brazil’s Mercado Bitcoin announced workforce optimisations during the bear market. Reductions were also announced by Coinbase, Huobi, the crypto lender BlockFi and institutionally oriented platform NYDIG.

By contrast, Fidelity Investments’ cryptocurrency arm said it plans to hire 100 new employees in the next six months.

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