It is a micro view of the tech industry in general. Intel / AMD / Nvidia / ARM always have a new thing coming so there is always work for engineers as there is a lot of work for programmers in places like Microsoft / Adobe / Google etc. But smaller shops that are more project based routinely have layoffs.
There is another difference between a lot of those exchanges and the established tech industry, most of them were still running at a loss even during the bullish season but were kept afloat by the enormous amounts they've received from selling their own token and the continuous token printing. Some of those might have been unable to keep their employees paid even if the bear market wouldn't have happened and all this just speed up the round of layoffs rather than seeing one every week or month, which probably nobody would have even mentioned.
Just for the update, it seems the bear market isn't done yet with Gemini. For the second time around in just more than a month, the company has laid off some of its workers. This time, it is 7% which is equivalent to 68 employees. Last June, the company laid off 10% of its workers. And as though this isn't enough, there might be more rounds to follow. Therefore, more employees to lose their jobs.
It would be nice to know what those 68 were doing, and of course what the rest of those 917 are doing right now!
I have a feeling that the majority of the workforce was not actively working in the traditional money-generating business but were more likely employees that came from other companies that have been acquired, or ones spending time on designing future projects which have now been either canceled or deemed financially impossible.
That being said, and this is really a weird question, but aren't these lay-offs actually good for the price?
I'm not joking here but right now this is how I look at the thing:
Company x has 1000 employees and it pays them ~5 million (don't focus on the numbers, I'm just throwing them here), that means it needs to come from somewhere with 60 million a year, Crypto.com paid 100 million in advertising, that money is coming from the fees and token sales, and every time money is paid a large chunk of them gets liquidated into fiat, right?
So basically every year some percentages of the money people spend on investing in coins get turned into fiat to pay for these guys' wages, rent, taxes, advertising and not counting profit!
It's late, it's Friday and I probably can't get my ideas right but this has raised my curiosity on how others see this thing.
