Crypto Companies Face Job Cuts

This week, there were many reports of job cuts at cryptocurrency companies.

ATMTA, a Blockchain gaming company, cut around 80% of its staff compared to the highest number in late 2022. After letting go of 122 workers, ATMTA's CEO, Michael Wagner, said 45 people would stay. This team will work on Star Atlas, a future blockchain game. Wagner said ATMTA's problems were partly because of the FTX collapse, which led to the first round of layoffs in December. The company lost $15 million when FTX collapsed.

KuCoin, another crypto company, might be cutting around 30% of its near 1,000 workers, according to Colin Wu, a crypto journalist. However, KuCoin denied this. In June, KuCoin started requiring customers to verify their identity. This happened after the New York Attorney General sued them for operating without the correct registration.

Block, a financial services company, added Neha Narula to its board of directors on Thursday. This increased the number of directors from 11 to 12. Narula was chosen because of her experience with Bitcoin and open-source technology. She has been the director of the Digital Currency Initiative at the Massachusetts Institute of Technology since January 2017. Block's CEO, Jack Dorsey, said Narula's passion for efficient money systems fits with the company's purpose.

In job news,

The Wyoming Stable Token Commission is looking for an executive director. 

The UK’s National Crime Agency wants a manager for cryptocurrency and digital assets investigations. 

Alison Kutler, a former Dapper Labs executive, left the NFT industry to join FanDuel as the head of sustainability and responsible gaming.

Dapper Labs laid off 51 employees and contractors in mid-July.