BitMEX, a Seychelles-based derivatives trading platform, is one of the companies that intends to lay off one-third of its workforce.
Wu Blockchain, a Chinese media outlet, recently reported on Twitter that the firm intends to lay off one-third of its workforce.
BitMEX chose this option just one week after its CEO, Alexander Hoptner, resigned after two years in charge and was replaced by Stephen Lutz.
However, BitMEX is not the only cryptocurrency-related company that intends to reduce its workforce. Galaxy Digital intends to follow suit.
According to recent reports, the New York-based digital finance service provider plans to lay off approximately 20% of its workforce.
As per sources, the company has yet to decide how many employees it will lay off. However, it could be in the 15-20% range.
The layoff may affect 50 to 70 employees, given that Galaxy Digital has up to 375 workers. Michael Wursthorn, a spokesman for the company, also reported that they are still debating the team structure and will disclose more information once it is set.
Similar actions were previously taken by other digital asset companies, including Gemini, CryptoCom, Coinbase, Huobi, Bybit, and numerous others.
7% of the workforce at Gemini was reportedly laid off in July, according to a report from an unnamed source. According to reports from TechCrunch, Gemini may lay off up to 150 additional employees, or 15% of its entire workforce.