MoonPay Lays Off 10% of Staff Amidst Crypto Market Downturn
CryptoNewsTerminal Staff05 Jun, 2024
MoonPay Lays Off 10% of Staff Amidst Crypto Market Downturn
MoonPay, a cryptocurrency exchange, has laid off approximately 10% of its staff, according to a report by The Block. The decision was made in response to the ongoing downturn in the crypto market, which has seen the value of many digital assets plummet. In an email to staff, MoonPay founder and CEO Ivan Soto-Wright cited the company's "inefficient cost base" as the reason for the layoffs. He said that the move would "allow us to improve our cost base and build a stronger foundation for the company." The layoffs are the latest sign of the impact that the crypto market downturn is having on the industry. Several other crypto companies, including Coinbase and Gemini, have also laid off staff in recent months. Despite the layoffs, MoonPay remains one of the most well-funded crypto companies. In November 2021, the company raised $555 million in a Series A funding round led by Tiger Global Management.
