Layoffs in the crypto industry fell in February, data shows

The wave of layoffs that has hit the tech industry badly in recent months also hit the crypto sector earlier this year. As the year enters its third month, layoffs in the crypto sector have seen a notable drop. While layoffs eased in February, at least 12 cryptocurrency companies announced job cuts in recent weeks. Messari, the crypto market research firm, and Elliptic, the crypto compliance firm, are the latest companies to lay off some of their employees.

In January of this year, the crypto industry saw high job cuts. Around 2,850 people working in the crypto sector lost their jobs this month, according to the figures compiled by CoinTelegraph allegedly showed.

On the other hand, an estimated number of 570 professionals deal with the Digital assets sector lost their jobs in February – a significant slowdown in job cuts.

Most places that decided to cut their respective teams did so by double digits during the 28-day period in February.

Messari announced layoffs for 15 percent of its workforce. According to founder Ryan Selkis, these job cuts were due to market turmoil, which prompted the company to organize a reorganization of its internal teams.

Ellipticalwho laid off ten percent of their workforce of ten employees justified their decision with the company’s need to make savings.

“The surge in layoffs is a macro event, not just in Web3 but in technology in general, driven by fears of a prolonged recession,” CoinTelegraph quoted Neil Dundon, an Australia-based crypto recruiter as saying.

acc Layoffs.fyia website that tracks tech layoffs since COVID-19, more than 108,900 employees from 129 companies including Google, Microsoft and KPMG were affected by staff cuts across the IT sector between January and February.

While over 82,400 people were laid off from the IT industry in January, over 24,500 people lost their IT jobs in February.