Market to Cut 28% of Workforce in Restructuring

Array will be laying off 28% of its staff, a cryptocurrency brokerage platform, has announced that it will be laying off 28% of its staff, or around 110 people.

This comes after the company already laid off 150 employees in July due to a $270 million loss on loans to failing hedge fund Three Arrows Capital.

In a statement, a representative from said, “The crypto ecosystem is facing significant headwinds as its course corrects from the challenges of the last year. To better balance product offerings with demand, we’ve made the difficult decision to reduce operating costs and headcount to rightsize the company.”

This news adds to an already tough week for the cryptocurrency industry. Ethereum development company ConsenSys recently announced plans to lay off 100 or more employees, and cryptocurrency exchange Coinbase announced layoffs of 20% of its workforce.

The industry as a whole is estimated to have lost around 27,000 positions since April of last year. currently employs 280 people, up from 160 at the beginning of 2021. The company has stated that it will offer severance pay to all affected workers, but the specifics may vary by location.

On the other hand, Binance, the largest cryptocurrency exchange in the industry, announced plans to increase its workforce by 15% to 30% in 2023, after hiring over 5,000 new staff in 2022.


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