Each employee will receive three months of severance pay, regardless of their level or seniority at the company, he announced in a blog post.
The crypto crisis: this is the situation
The sector of cryptocurrencies it lost more than a trillion dollars in market value last year as rising interest rates exacerbated concerns about an economic downturn.
The collapse caused the bankruptcy of important players in the sectorsuch as cryptocurrency hedge fund Three Arrows Capital and Celsius Network.
The biggest blow came after major exchange FTX filed for bankruptcy in November. Its rapid decline has triggered harsh global regulatory scrutiny over the way cryptocurrency firms hold funds and conduct business.
Last month, Luno, owned by Digital Currency Group, said it would cut 35% of its workforce to deal with the cryptocurrency market downturn.
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