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Singapore-based Matrixport Announces 10% Layoff Affecting 300 Staff

Date:

  • Entrepreneur Jihan Wu, a billionaire created the firm in 2019.
  • A monthly trading volume of $5 billion and $10 million in assets under management.

Major firms in the market are reducing growth plans. And cutting operational expenditures, which has led to layoffs, as the crypto winter has made a strong dent.

Matrixport, a crypto investment and lending organization located in Singapore. Has announced layoffs in its marketing department, which would affect around 10% of the company’s almost 300 employees. Entrepreneur Jihan Wu, who became a billionaire thanks to his stake in crypto-mining hardware maker Bitmain Technologies, created the firm in 2019.

Company Still Hiring in Other Divisions

Matrixport COO Cynthia Wu explained that the layoffs are a result of the company’s decision to cater to “accredited investors given the significant shift in the regulatory climate following the industry-wide capitulations.” Though she added that the company is still hiring in other areas, such as compliance, legal, and product development.

The breakdown of cryptocurrency exchange FTX in November. And the fall of Terra in May 2022 were two of the most significant occurrences in a turbulent year for cryptocurrencies. As a consequence of each of these incidents, billions of money left the cryptocurrency markets.

A monthly trading volume of $5 billion and $10 million in assets under management are reported by Matrixport. Bloomberg states that Matrix Asset Management has lost both its CEO (Damien Loh) and it’s Head of Business Development and Investor Relations (I Z Wong).

Although Loh and Wong are listed as workers on the LinkedIn profile for Jihan Wu’s Matrix Asset Management. There are only a total of four people associated with the company. The COO of Matrix Asset Management, Yu Yee Woo, allegedly said that the business is transferring to new leadership, awaiting regulatory assessment.

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