The firm is planning to let go of 730 of the 1,300 workers at its Aschheim office, cutting its total number of employees down to 570.
The reduction in staffing comes amid a raft of other measures designed to reduce costs and maintain “long-term viability.”
Sirin hasn’t been able to make the sales they thought they would with the down market, and now staff are paying the price.
Half of cryptocurrency startup Unocoin’s remaining staff have been laid off in a desperate bid to conserve cash, down from over 100 staff at its peak in February 2018.
Bithumb announced on March 19 that it will be laying off 160 of its employees, due to a lack of trade volume.
Coinsquare has announced it is laying off 40 of its employees in a move aims to streamline the crypto exchange in light of an ever-evolving market.
The London-based startup had been tipped for big things, but after a number of setbacks over the past year, BlockEx now finds itself laying off staff, in a bid to remain viable.
Citing the continued bear market in cryptocurrencies, Switzerland-based exchange ShapeShift has let go of 37 employees, about one-third of its work force.
When Bitmain filed for its initial public offering a few months ago, it indicated that it had 3,594 full-time employees. That number has dwindled to around 3,100 and the personnel cuts—which reports indicate has affected over 1,000 employees—will lead the company to be nothing more than a shell of its former self.