'Crypto winter is here': Big players like Coinbase, others adopt cost cutting measures

After edtech startups, layoffs and cost cuttings hit employees at Crypto companies!

United States' largest crypto exchange Coinbase has announced to extend its hiring freeze for the foreseeable future and also revoke a number of accepted offers in order to deal with current macroeconomic conditions.

It earlier froze hiring for two weeks and now, the crypto exchange says it will pause hiring for as long as this macro-environment requires."

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U.S.-based crypto exchange Gemini has also slashed about 10 percent of its workforce, citing “turbulent market conditions that are likely to persist for some time.”

Billionaire bitcoiners Cameron and Tyler Winklevoss, the CEO and President of the company, penned a letter to Gemini employees, whom they call "astronauts," to inform about the lay offs, what they are calling the "crypto winter."

This is reportedly the first time Gemini has announced layoffs since its inception in 2014. The cuts come amid a currently bearish crypto market and macroeconomic conditions when job reductions are increasing.

In the last two months, the market cap of all the cryptocurrencies fell to half. Even as the largest crypto Bitcoin fell from over $67,000 in November 2021 to a close $30,000-level now.