MoonPay cuts 20% of its workforce; CEO says it's to ensure sustainable development.

[Chain Text][Notice] This article is generated by AI for reference only and does not constitute investment advice.

Fintech startup MoonPay is undergoing large-scale layoffs, with CEO Ivan Soto-Wright stating that this is a critical business decision.

It is reported that this round of layoffs mainly involves the marketing, technology, and customer support departments of MoonPay, with the number of layoffs accounting for about 20% of the company's total employees.

Ivan Soto-Wright emphasized that the layoffs are intended to ensure the company continues to operate healthily and sustainably. He stated that although making this decision was not easy, the company needed to do so to adapt to the current market environment.

As a cryptocurrency payment company established in 2018, MoonPay completed a $555 million Series A financing in November 2021, at which time it was valued at $3.3 billion. The round was led by Tiger Global and Coatue, with participation from Blossom Capital, Thrive Capital, Paradigm, and NEA.

This round of layoffs reflects the challenges faced by the current cryptocurrency industry. Over the past year, several well-known crypto companies have conducted large-scale layoffs, including a trading platform, Kraken, Gemini, and others. Analysts believe that the crypto industry is undergoing a deep adjustment, and companies need to optimize their cost structures through layoffs and other means to survive the industry winter.