Coincover Laying off 50% of Staff, Mostly Sales Team: Sources

CryptoNews.com

2024-10-21 04:21:46

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Coincover layoff

Wales-based CoinCover has laid off 50% of its staff, with most of the redundancies affecting its sales team. Last updated:

October 21, 2024 08:21 EDT

Journalist

Tanzeel Akhtar

Journalist

Tanzeel Akhtar

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Tanzeel Akhtar has been covering the cryptocurrency and blockchain sector since 2015. She has written for the Wall Street Journal, Bloomberg, CoinDesk and Bitcoin Magazine.

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Last updated:

October 21, 2024 08:21 EDT

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This information came from a message sent by a member of the company’s staff, stating, “They’ve fired the whole sales team and 50% of the staff. Relying on resellers now. Not a good start to the week for me!”

The sudden job cuts have sparked concern among employees and raise broader questions about the challenges faced by tech and crypto firms in an evolving market landscape.

In a statement Coincover said:

“CoinCover has today announced to employees that we are making redundancies. The decision has not been taken lightly and is necessary to ensure that the business is built upon a sustainable platform for long-term growth.

We deeply appreciate the contributions made by all those who are affected and understand the impact that this will have on them. We will ensure that they are treated with care and respect throughout the process and will endeavour to support all of our colleagues throughout the period and as they seek their next roles.

In making these changes now we are ensuring a sustainable future for our business so that we can continue to protect investors’ assets long into the future.“

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