Crypto Firm Coinhouse Slashes Workforce 15% Citing ‘Reduced Enthusiasm for Web3’

The layoffs continue to roil the crypto industry. 

French crypto firm Coinhouse announced cutting 15% of its workforce on Friday, a spokesperson confirmed with Decrypt.

Reports from local outlet BFM indicated the firm had laid off 10 individuals from its total headcount of 70. The company has reportedly now seen a workforce of 100 employees a year ago cut to its current count of 60. 

Coinhouse is a crypto broker based in Paris, letting investors buy and sell up to 40 different cryptocurrencies.

Established in 2015, the company became one of the first entities to secure registration as a digital asset service provider (PSAN) from the French Financial Markets Authority (AMF) in 2020. The company obtained a license from the Luxembourg financial regulator, enabling it to conduct business in the Luxembourg market.

The company justified the cuts by pointing to the “reduced enthusiasm for Web3 and a fragile global economic environment that is constraining the development of the crypto market and its participants.”

“We are committed to supporting the employees who will be leaving the company,” Coinhouse’s CEO Nicolas Louvet said in a shared statement.

The move signals the firm’s transition to helping other companies and institutions shape their Web3 strategies.

Coinhouse has indicated that it will continue to expand its services, including the forthcoming launch of a Euro Account.

Crypto industry and the bear market

Those layoffs follow closely on the heels of another French crypto industry leader, Ledger, which announced a 12% workforce reduction just two weeks ago.

Elsewhere, NFT powerhouse Bored Ape Yacht Club creator Yuga Labs also confirmed additional layoffs at the beginning of October. 

“I realized very quickly that there were a number of projects that, while well-intentioned, either spread the team too thin or required execution expertise beyond our core competencies,” wrote Yuga Labs CEO Daniel Alegre in an email to the company.

Bitcoin is currently 60% down from its all-time high of roughly $69,000 back in November 2021, and Ethereum is down 67% from its high of $4,878 set at the same time.