The crypto industry is facing “extremely challenging” times, forcing several firms to make job cuts in order to weather the prolonged crypto winter. At least 216 jobs have been cut between Protocol Labs, Chainalysis, and Bittrex, with reductions of 89, 83, and 44 employees respectively.

Juan Benet, CEO of Protocol Labs, announced the job cuts in a blog post, stating that the company had to focus its headcount on the most impactful and business-critical efforts. The decision to cut 21% of its workforce was made to ensure the company is well-positioned during this extended winter. Benet suggested that the company must prepare for a longer downturn in the crypto industry.

Bittrex CEO Richie Lai informed employees via email that the company has made a reduction in its workforce to ensure long-term viability. Despite aggressive efforts to reduce expenses, the current market conditions have forced the company to reset its strategy and balance investments in the new economic environment.

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