Dear JPEX Users,
The year 2022 has been one of the worst periods in the history of the crypto finance industry. On Monday, 5th December, video game retailer GameStop further reduced the number of staff on its payroll.
Most of the affected staff took to social media platforms, especially, LinkedIn to share the news of the layoffs.
Matt Furlong who is the current Chief Executive Officer (CEO) of GameStop attributed high inflation and an extremely difficult job market as the reasons for the staff cuts.
In May 2022, GameStop launched a wallet for cryptocurrencies and non-fungible tokens (NFTs). According to reports online, the team behind the videogame retailer’s crypto wallet was also hit hard as some of them have lost their jobs.
GameStop jumped into the NFT market in July 2022 when it launched an NFT marketplace that allows collectors, creators, gamers, and other stakeholders to buy, trade, and sell NFTs.
GameStop’s latest round of layoffs comes five (5) months after the firm fired Mike Recupero, its Chief Financial Officer (CFO) in July. It also follows an industry-wide series of layoffs that has seen cryptocurrency exchanges Coinbase, Blockchain.com, Kraken, Lemon Cash, Bybit, Crypto.com, and lending platform BlockFi downsize the number of headcounts in their companies.
Overall, more than 26,000 people in the crypto industry have lost their jobs, and much of this has been blamed on a negative market sentiment that has made the industry less profitable.
While Do Kwon of Terra LUNA is responsible for the first industry-wide market crash in May, the collapse of FTX in November has not helped the industry as its total market cap has plunged below $900 billion.
Thank you for your support!