San Francisco hardest hit city for crypto job losses

San Francisco hardest hit city for crypto job losses

A research study of crypto layoffs across the world by CoinGecko has found that the hardest hit cities are San Francisco, Dubai, and New York.

Crypto winter leads to layoffs

The crypto sector has suffered a fairly dramatic slowdown across the board as one of its worst bear markets has continued to endure since November of last year.

Most major crypto companies have had to report staff layoffs in order to try to stay within their operating profits, and therefore the industry as a whole has had to tighten its belt.

Majority of crypto job losses concentrated in few cities

CoinGecko carried out a study on publicly reported layoffs for crypto companies across the world. The study looked at data between January 1, 2022 to November 1, 2022.

The research grouped the employees laid off by the city where they were based. An eye-opening finding was that nearly half of all those laid off were based in only 3 cities. These were San Francisco, Dubai, and New York, making up a combined 49.8% of the total of layoffs across all cities in the study.

Of all the 27 cities for crypto job losses, just San Francisco alone made up more than a quarter of layoffs across the globe. The city’s share was 25.7%, which equated to 1142 employees laid off.

Five of the top 15 cities for layoffs were in the United States, along with two each from Europe, Asia, South America, and Australia. 

The capital cities of Austria, the UK, Mexico, and Argentina were all among the top 15 cities for crypto job losses, with Vienna ranked 5, followed by London 8, Mexico city 11, and Buenos Aires 12.

Crypto job losses few in number overall

Finally, it might be said that one of the main findings that really do stand out is that across the 27 cities researched in the study, there are only 3 to 4 thousand job losses. 

The total number of people who work in the cryptocurrency sector either isn’t mentioned or isn’t known, but it might be imagined that 3 to 4 thousand job losses is not a major percentage of the total of those employed in the industry worldwide.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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