The ongoing wave of layoffs is sending ripples through the cryptocurrency industry.
French crypto company Coinhouse recently confirmed a 15% reduction in its workforce.
Local news outlet BFM highlighted that this decision led to the dismissal of 10 employees from its initial headcount of 70.
In the span of a year, the company has seen its workforce dwindle from 100 employees to its current level of 60.
Coinhouse, a Paris-based crypto broker, has been a key player in the industry, facilitating the buying and selling of up to 40 different cryptocurrencies.
Established in 2015, the company earned distinction as one of the first entities to secure registration as a digital asset service provider (PSAN) from the French Financial Markets Authority (AMF) in 2020.
Furthermore, it acquired a licence from the Luxembourg financial regulator, granting it access to the Luxembourg market.
The decision to downsize its workforce was attributed to factors such as “reduced enthusiasm for Web3 and a fragile global economic environment that is constraining the development of the crypto market and its participants.”
Coinhouse’s CEO Nicolas Louvet said:
“We are committed to supporting the employees who will be leaving the company.”
This shift reflects Coinhouse’s evolving role, focusing on assisting other companies and institutions in shaping their Web3 strategies.
In line with this shift, Coinhouse has announced its intention to expand its services, with the upcoming launch of a Euro Account, showcasing its commitment to remaining a dynamic and adaptive player in the crypto space.