• Market Cap: $1,089,351,806,345.48
  • 24h Vol: $81,625,628,226.69
  • BTC Dominance: 45.79%
XBT.Market
Advertisement
  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us
No Result
View All Result
XBT.Market
No Result
View All Result
Home Bitcoin

OpenSea lays off 20% of its staff, citing ‘crypto winter’

Jon Hartney by Jon Hartney
July 14, 2022
in Bitcoin, Blockchain, Business, Market
0
OpenSea lays off 20% of its staff, citing ‘crypto winter’
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

The bear market in Bitcoin and altcoins has had a negative impact on staffing levels at major crypto companies, including exchanges, lending platforms and marketplaces.

Nonfungible token (NFT) marketplace OpenSea announced mass layoffs on Thursday, joining other crypto companies in reducing headcount during one of the most volatile periods in the industry’s history. 

Co-founder and CEO Devin Finzer took to Twitter Thursday afternoon to disclose that his company was laying off up to 20% of its staff. In a long message conveyed to employees, Finzer blamed “an unprecedented combination of crypto winter and broad macroeconomic instability” for the layoffs. 

Related articles

OpenAI CEO highlights South Korean chips sector for AI growth, investment

OpenAI CEO highlights South Korean chips sector for AI growth, investment

June 10, 2023
Nigeria to tax crypto, digital assets 10% on capital gains: Experts react

Nigeria to tax crypto, digital assets 10% on capital gains: Experts react

June 10, 2023

Today is a hard day for OpenSea, as we’re letting go of ~20% of our team. Here’s the note I shared with our team earlier this morning: pic.twitter.com/E5k6gIegH7

— Devin Finzer (dfinzer.eth) (@dfinzer) July 14, 2022

“[W]e need to prepare the company for the possibility of a prolonged downturn,” he said, adding:

The changes we’re making today put us in a position to maintain multiple years of runway under various crypto winter scenarios (5 years at the current volume), and give us high confidence that we will only have to go through this process once.

The layoffs reflect the dire state of the crypto market, whose combined value has declined by more than two-thirds compared to last year’s peak. That OpenSea, the largest NFT market in the world by volume, was cutting jobs offers a stark realization that no company is safe from the downdraft of so-called crypto winter.

Related: OpenSea announces new security features to protect users from NFT scams

Mass layoffs at crypto companies have become the norm in recent months, with the likes of Gemini, Crypto.com, BlockFi and Coinbase cutting hundreds of jobs. According to one estimate, crypto companies shed 1,700 payrolls in June alone.

That being said, not every company in the space is reducing staff; exchange giants Binance, Kraken and FTX have each reaffirmed plans to add more employees in the coming months.

Read Entire Article
Tags: CointelegraphCryptocurrencyInvestmentMining Bitcoin
Share76Tweet47

Related Posts

OpenAI CEO highlights South Korean chips sector for AI growth, investment

OpenAI CEO highlights South Korean chips sector for AI growth, investment

by Jon Hartney
June 10, 2023
0

Sam Altman confirmed ongoing discussions with chipmaking companies like Samsung Electronics and expressed his

Nigeria to tax crypto, digital assets 10% on capital gains: Experts react

Nigeria to tax crypto, digital assets 10% on capital gains: Experts react

by Jon Hartney
June 10, 2023
0

The Act aims to enhance fiscal transparency, boost revenue and recognize cryptocurrencies as legitimate assets

Ooki DAO to shut down after ‘precedent setting’ court battle with CFTC

Ooki DAO to shut down after ‘precedent setting’ court battle with CFTC

by Jon Hartney
June 10, 2023
0

The CFTC highlighted that “critically, in a precedent-setting decision” the Ooki DAO was held in court as

Scammers steal nearly $1M after hijacking 8+ prominent crypto twitter accounts

Scammers steal nearly $1M after hijacking 8+ prominent crypto twitter accounts

by Jon Hartney
June 10, 2023
0

The group of scammers have recently taken over accounts belonging to the founder of Pudgy Penguins, the CTO of OpenAI

SEC charges against Binance and Coinbase are terrible for DeFi

SEC charges against Binance and Coinbase are terrible for DeFi

by Jon Hartney
June 10, 2023
0

The SEC’s charges against Binance and Coinbase could have far-reaching consequences for decentralized finance

Load More
  • Trending
  • Comments
  • Latest
NEXO risks 50% drop due to regulatory pressure and investor concerns

NEXO risks 50% drop due to regulatory pressure and investor concerns

September 30, 2022
51% of Ethereum blocks are now compliant with OFAC standards, raising censorship concerns

51% of Ethereum blocks are now compliant with OFAC standards, raising censorship concerns

October 14, 2022
All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

July 7, 2022
Zero-knowledge KYC could solve the privacy vs compliance conundrum: VC partner

Zero-knowledge KYC could solve the privacy vs compliance conundrum: VC partner

October 11, 2022
All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

0
Crypto owners banned from working on US Government crypto policies

Crypto owners banned from working on US Government crypto policies

0
Korean startup Uprise lost $20M shorting LUNC

Korean startup Uprise lost $20M shorting LUNC

0
Ethereum testnet Merge mostly successful — ‘Hiccups will not delay the Merge.’

Ethereum testnet Merge mostly successful — ‘Hiccups will not delay the Merge.’

0
OpenAI CEO highlights South Korean chips sector for AI growth, investment

OpenAI CEO highlights South Korean chips sector for AI growth, investment

June 10, 2023
Nigeria to tax crypto, digital assets 10% on capital gains: Experts react

Nigeria to tax crypto, digital assets 10% on capital gains: Experts react

June 10, 2023
Ooki DAO to shut down after ‘precedent setting’ court battle with CFTC

Ooki DAO to shut down after ‘precedent setting’ court battle with CFTC

June 10, 2023
Scammers steal nearly $1M after hijacking 8+ prominent crypto twitter accounts

Scammers steal nearly $1M after hijacking 8+ prominent crypto twitter accounts

June 10, 2023

XBT.Market

This website is an automated news feed powered by the Nebulome cloud system. The site is made possible by YYC TECH Consulting and Alberta Digital Mining Company. As a team with major crypto and bitcoin enthusiasm, we have curated major sources of news, trading and financial data to bring you, our viewer, an unbiased source of truth.

Recent Posts

  • OpenAI CEO highlights South Korean chips sector for AI growth, investment June 10, 2023
  • Nigeria to tax crypto, digital assets 10% on capital gains: Experts react June 10, 2023
  • Ooki DAO to shut down after ‘precedent setting’ court battle with CFTC June 10, 2023
  • Scammers steal nearly $1M after hijacking 8+ prominent crypto twitter accounts June 10, 2023
  • SEC charges against Binance and Coinbase are terrible for DeFi June 10, 2023

News Categories

  • Bitcoin
  • Blockchain
  • Business
  • Market

Tags

bitcoinMagzine Cointelegraph Cryptocurrency insidebitcoins Investment Mining Bitcoin NewsBTC

Quicklinks

  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us

© 2022 Xbt.Market - Powered by YYC Tech Consulting & ADMCO.

No Result
View All Result
  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us

© 2022 Xbt.Market by Nebulome.

  • bitcoinBitcoin(BTC)$25,716.00-3.40%
  • ethereumEthereum(ETH)$1,746.73-5.36%
  • USDEXUSDEX(USDEX)$1.07-0.53%
  • tetherTether(USDT)$1.00-0.07%
  • binancecoinBNB(BNB)$238.97-8.36%
  • usd-coinUSD Coin(USDC)$1.00-0.01%
  • rippleXRP(XRP)$0.497695-6.26%
  • staked-etherLido Staked Ether(STETH)$1,745.97-5.28%
  • cardanoCardano(ADA)$0.250111-21.50%
  • dogecoinDogecoin(DOGE)$0.060095-11.69%
  • tronTRON(TRX)$0.068084-13.03%
  • solanaSolana(SOL)$14.91-22.72%
  • litecoinLitecoin(LTC)$77.50-12.43%
  • polkadotPolkadot(DOT)$4.48-10.88%
  • matic-networkPolygon(MATIC)$0.59-25.48%
  • binance-usdBinance USD(BUSD)$1.00-0.04%
  • daiDai(DAI)$1.000.04%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$25,766.00-3.31%
  • avalanche-2Avalanche(AVAX)$11.64-16.46%
  • shiba-inuShiba Inu(SHIB)$0.000007-16.36%
  • leo-tokenLEO Token(LEO)$3.510.21%
  • uniswapUniswap(UNI)$4.00-13.54%
  • chainlinkChainlink(LINK)$5.06-15.75%
  • Aerarium FiAerarium Fi(AERA)$7.14-13.11%
  • okbOKB(OKB)$41.52-7.66%
  • moneroMonero(XMR)$137.04-4.14%
  • cosmosCosmos Hub(ATOM)$7.95-15.12%
  • ToncoinToncoin(TON)$1.48-12.91%
  • stellarStellar(XLM)$0.081467-6.66%
  • ethereum-classicEthereum Classic(ETC)$14.60-14.27%
  • true-usdTrueUSD(TUSD)$1.000.04%
  • bitcoin-cashBitcoin Cash(BCH)$101.29-8.87%
  • internet-computerInternet Computer(ICP)$3.81-10.05%
  • lido-daoLido DAO(LDO)$1.85-16.71%
  • quant-networkQuant(QNT)$104.16-4.70%
  • GGTKNGGTKN(GGTKN)$0.1121180.75%
  • filecoinFilecoin(FIL)$3.36-17.93%
  • hedera-hashgraphHedera(HBAR)$0.044587-8.77%
  • crypto-com-chainCronos(CRO)$0.051574-11.67%
  • ArbitrumArbitrum(ARB)$1.02-10.40%
  • AptosAptos(APT)$6.00-22.29%
  • nearNEAR Protocol(NEAR)$1.22-14.73%
  • vechainVeChain(VET)$0.015145-12.72%
  • paxos-standardPax Dollar(USDP)$1.000.06%
  • fraxFrax(FRAX)$1.00-0.01%
  • EdgecoinEdgecoin(EDGT)$1.00-0.03%
  • BSCEXBSCEX(BSCX)$238.1967.14%
  • the-graphThe Graph(GRT)$0.095968-14.55%
  • apecoinApeCoin(APE)$2.35-18.82%
  • rocket-poolRocket Pool(RPL)$44.40-6.52%
  • Rocket Pool ETHRocket Pool ETH(RETH)$1,878.15-5.19%
  • algorandAlgorand(ALGO)$0.108996-13.12%
  • elrond-erd-2MultiversX(EGLD)$30.45-12.84%
  • aaveAave(AAVE)$52.87-12.18%
  • render-tokenRender(RNDR)$2.06-12.57%
  • eosEOS(EOS)$0.68-23.91%
  • usddUSDD(USDD)$1.00-0.20%
  • blockstackStacks(STX)$0.52-17.89%
  • the-sandboxThe Sandbox(SAND)$0.380510-21.42%
  • optimismOptimism(OP)$1.09-21.05%
  • WhiteBIT TokenWhiteBIT Token(WBT)$4.72-2.06%
  • tezosTezos(XTZ)$0.72-13.69%
  • Bitget TokenBitget Token(BGB)$0.477934-3.85%
  • fantomFantom(FTM)$0.239385-18.67%
  • theta-tokenTheta Network(THETA)$0.64-15.80%
  • BitDAOBitDAO(BIT)$0.440905-8.09%
  • radixRadix(XRD)$0.061385-8.93%
  • CloutContractsCloutContracts(CCS)$52.461,000.00%
  • decentralandDecentraland(MANA)$0.339206-19.36%
  • kucoin-sharesKuCoin(KCS)$6.32-6.32%
  • immutable-xImmutableX(IMX)$0.61-16.74%
  • axie-infinityAxie Infinity(AXS)$4.98-19.80%
  • gemini-dollarGemini Dollar(GUSD)$1.00-0.02%
  • havvenSynthetix Network(SNX)$1.79-13.20%
  • curve-dao-tokenCurve DAO(CRV)$0.64-15.56%
  • makerMaker(MKR)$595.63-5.45%
  • gatechain-tokenGate(GT)$3.86-6.41%
  • neoNEO(NEO)$7.51-17.88%
  • flowFlow(FLOW)$0.51-19.64%
  • marumaruNFTmarumaruNFT(MARU)$0.24991121.40%
  • terra-lunaTerra Luna Classic(LUNC)$0.000087-10.58%
  • bittorrentBitTorrent(BTT)$0.000001-0.96%
  • galaGALA(GALA)$0.020822-19.59%
  • pax-goldPAX Gold(PAXG)$1,910.08-1.14%
  • tether-goldTether Gold(XAUT)$1,959.38-0.31%
  • xdce-crowd-saleXDC Network(XDC)$0.034652-2.74%
  • bitcoin-cash-svBitcoin SV(BSV)$24.87-17.97%
  • injective-protocolInjective(INJ)$5.94-15.59%
  • casper-networkCasper Network(CSPR)$0.041720-5.21%
  • binaryxBinaryX(BNX)$165.90-5.97%
  • Tokenize XchangeTokenize Xchange(TKX)$5.74-6.92%
  • compound-ethercETH(CETH)$35.03-5.47%
  • klay-tokenKlaytn(KLAY)$0.146998-11.11%
  • kavaKava(KAVA)$0.80-16.04%
  • Halo CoinHalo Coin(HALO)$0.057345-0.05%
  • huobi-tokenHuobi(HT)$2.67-6.80%
  • iotaIOTA(MIOTA)$0.153924-13.94%
  • ShardusShardus(ULT)$1.09269.54%
  • compound-usd-coincUSDC(CUSDC)$0.022869-0.11%
  • gmxGMX(GMX)$45.33-12.26%