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According to reports, Tencent and Bytedance, two Chinese tech giants, are planning to execute a significant number of job cuts in their metaverse divisions. Tencent recognized it is making some staff adjustments, amidst rumors of hundreds of layoffs in its extended reality division, while Bytedance is also planning to cut
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Analysts at J.P. Morgan cut their price target for Coinbase (COIN) stock from $60 to $52 for the year ending in December, a report from the bank on Friday showed. Source
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Blockchain software developer ConsenSys retains the ability to achieve its goals after recent layoffs, CEO Joe Lubin claimed in a Feb. 7 interview with Cryptox, stating that “we’ve retained virtually all of our capabilities.”According to Lubin, the cuts were implemented “mostly because of potential headwinds and potential uncertainty” and partly
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Protocol Labs, the company behind decentralized file storage network Filecoin, is laying off 21% of its staff, CEO Juan Benet announced in a blog post on Friday. Source
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Tech jobs cut include Amazon dismissing 11,000 employees, Twitter lowering headcounts by 3,700, and others. After a series of job cuts across the tech industry last year, more companies are planning to further reduce their headcounts in 2023. This is coming after the tech space saw a surge
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“We’re keeping the company strong; we didn’t cut into muscle,” Lubin said in an interview with CryptoX. “We sort of right-sized support functions, some customer support, some internal team support, because there’s just less activity in our ecosystem right now. I expect we’ll get back to doing quite significant and
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The number of layoffs at the Hong Kong crypto exchange was not specified. Source
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The Nasdaq-listed cryptocurrency exchange Coinbase is closing down most of its operations in Japan after announcing another round of job cuts globally. “Despite everything we’ve been through as a company and an industry, I’m still optimistic about our future and the future of crypto,” Coinbase CEO Brian Armstrong insisted. Coinbase Winding
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In reaction to the current market outlook, in November last year, Stripe laid off as many as 1,120 of its workers.Irish-American financial services and SaaS company Stripe has received its second valuation cut in 6 months, a sign that the fintech ecosystem is yet to recover from the underlying strain
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ALSO: Both bitcoin and ether reached nearly four-week highs. Equities closed higher. Original Source
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