The American crypto industry had plenty to celebrate this week: Bitcoin came within inches of reaching its all-time high price, crypto ETFs rang in new milestones on Wall Street, and next week’s presidential election appears poised to boost the ecosystem regardless of who wins.
You’d hardly notice, then, that it was one of the worst weeks ever for America’s top crypto employers. On Tuesday, Ethereum software giant Consensys laid off 20% of its global workforce. Hours later, DYdX, a New York-based decentralized crypto exchange, cut its team by 35%. The next morning, Kraken, one of America’s largest crypto exchanges, slashed its headcount by 15%.
Rounding out the week, Coinbase reported a disappointing Q3 that missed targets,…
Nov 06 2024
