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SG tops list for most crypto-based layoffs

SG tops list for most crypto-based layoffs

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Singapore has topped a list of major cities who have laid off workers in the crypto industry for the period February 2022 to February 2023, according to a report by Bitcoin Casinos that was pulling in combined data from and other public reports. 

The report found that crypto layoffs by companies with headquarters in Singapore reached 3,719. Singapore comes just above the San Fransisco Bay Area which saw 3,454 layoffs and New York City which saw 1,754 layoffs.

Don't miss: Monetary Authority of Singapore mulls restricting retail access to crypto 

Singapore's high number of layoffs largely lie in that fact has made its home on the island. The company saw mass layoffs in 2022 and 2023 which saw the departure of 2,750 employees. 

“The crypto market remains uncertain for both investors and workers as we move through early 2023. The recent layoffs may signal the end of the ‘crypto boom’ but not the industry itself. Whilst the recent news of big players folding and numerous firms cutting workforce numbers point to downturn for the immediate future, most firms are just returning to their pre-boom size," said Liam Solomon, the growth manager at Bitcoin Casinos. 

He added that as with other startups and business and entities, those made from shaky foundations aren't likely to succeed.

Fad offerings and trendy job roles will be shed by companies but the useful, valuable roles within crypto will become even more important.

Additionally, skills in marketing, tech, UX, accounting and even compliance are likely to grow in demand, said Solomon. "So, workers unsure of their future would be smart to look into more ‘traditional’ roles if they wish to continue their crypto careers.”

The news comes shortly after it was announced that Meta Platforms Inc will no longer be supporting non-fungible tokens (NFTs) on its platforms. 

According to Meta’s social media fintech lead, Stephane Kasriel who took to his Twitter page to comment, the firm will be winding down digital collectibles to focus on other ways to support creators, people and businesses. "We learned a ton that we’ll be able to apply to products we’re continuing to build to support creators, people, and businesses on our apps, both today and in the metaverse," he added.

Meta has been supporting NFT creators since August 4 last year, when it expanded the ability for people, creators, businesses and collectors to share digital collectibles they created or own. However, less than a year after rolling it out, the crypto market’s collapse has swerved its decision. In an appearance at last year's South by Southwest (SXSW) conference, Zuckerberg said that NFTs will have a role to play in the metaverse as he could see them as part of the digital world's governance.

This update comes in the wake of the crypto market’s downward spiral late last year coupled with the social media firm's first mass lay off, where 11,000 employees were laid off. Adding insult to injury, Meta's metaverse-building division Reality Labs recorded its largest-ever yearly losses at $13.7 billion.

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Crypto firm next to secure licence in Singapore
Crypto exchange Coinbase secures licence in Singapore
Kim Kardashian fined US$1.26m for failing to disclose Instagram crypto ads
After metaverse, Gucci launches cryptocurrency payment offerings

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