São Paulo is the 7th city that fired most crypto professionals this year, study shows
São Paulo was the 7th city with the highest number of cryptocurrency market professionals laid off in the “crypto winter” (period of falling prices for digital assets), according to a survey released on Friday, November 4, by price aggregator CoinGecko.
The study considered public layoffs announced between January 1 and November 1, 2022. In those months, crypto companies in Brazil’s largest city laid off 190 employees.
2TM alone, the holding company of Mercado Bitcoin, Brazil’s largest cryptocurrency exchange by valuation, laid off about 100 professionals in September.
That month, the company said the cut was due to “economic adversity.”
Ahead of São Paulo were San Francisco with (1,142), Dubai (609), New York (463), Singapore (368), Vienna (270), and Jersey City (250).
In total, the study recorded just over 4,000 layoffs in 15 cities. Almost half of the cuts (49.8%) occurred in San Francisco, Dubai, and New York, which concentrate a good portion of the industry’s startups.
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In addition to São Paulo, two other Latin American cities also appeared in the survey: Mexico City, with 80 layoffs, and Buenos Aires, with the same amount.
Bitso, a Mexican brokerage that opened operations in Brazil last year, laid off 80 people at the end of May from a total of 700 employees.
The exchange Buenbit, based in the Argentine capital, already laid off 45% of the team in June.
THE COMPLETE RANKING:
- San Francisco – 1,142
- Dubai – 609
- New York – 463
- Singapore – 368
- Vienna – 270
- Jersey City – 250
- São Paulo – 190
- London – 180
- Hoboken – 150
- Mahé – 129
- Mexico City – 80
- Buenos Aires – 80
- Las Vegas – 75
- Brisbane – 74
- Melbourne – 70
TOTAL – 4,050
With information from InfoMoney
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-0.26%
| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| BTC | 63,384 | -0.26% | -47.24% | 63,552 | 64,346 | 63,305 | 22,774,743,040 |
| ETH | 1,886 | +0.26% | -58.90% | 1,881 | 1,920 | 1,879 | 7,916,475,392 |
| SOL | 75.89 | -0.40% | -60.44% | 76.20 | 76.99 | 75.39 | 1,473,821,056 |
| XRP | 1.01 | -1.15% | -69.07% | 1.02 | 1.02 | 1.01 | 1,144,044,416 |
| BNB | 609.60 | -1.12% | -26.81% | 616.50 | 619.30 | 609.23 | 1,266,706,432 |
| ADA | 0.18 | -1.98% | -78.22% | 0.19 | 0.19 | 0.18 | 238,085,632 |
| DOGE | 0.07 | -1.56% | -70.00% | 0.07 | 0.07 | 0.07 | 553,256,192 |
| AVAX | 6.38 | +1.04% | -74.11% | 6.32 | 6.42 | 6.21 | 248,470,560 |
| LINK | 8.77 | -0.06% | -62.73% | 8.77 | 8.87 | 8.68 | 317,054,880 |
| DOT | 0.78 | -0.75% | -81.11% | 0.79 | 0.80 | 0.78 | 43,490,492 |
| LTC | 45.08 | -0.85% | -65.45% | 45.47 | 45.59 | 44.98 | 143,727,712 |
| BCH | 213.85 | +0.10% | -65.44% | 213.64 | 215.69 | 212.54 | 137,956,688 |
| TRX | 0.34 | +0.28% | -4.73% | 0.33 | 0.34 | 0.33 | 436,576,064 |
| XLM | 0.16 | -1.33% | -64.46% | 0.16 | 0.16 | 0.16 | 89,559,864 |
| HBAR | 0.07 | -0.53% | -74.67% | 0.07 | 0.07 | 0.07 | 22,546,186 |
| NEAR | 1.65 | +2.42% | -40.55% | 1.62 | 1.68 | 1.61 | 187,591,264 |
| ATOM | 1.40 | -2.36% | -70.15% | 1.44 | 1.44 | 1.40 | 18,626,964 |
| AAVE | 89.06 | +0.93% | -72.33% | 88.24 | 90.20 | 88.19 | 129,099,704 |
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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