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Matrixport, a Singapore-based crypto investment and lending firm, has confirmed with Decrypt that it is making reductions in its marketing department, impacting 10% of its nearly 300-person workforce.
The company was founded in 2019 by entrepreneur Jihan Wu, who became a billionaire from the success of crypto-mining manufacturer Bitmain Technologies.
Matrixport’s chief operating officer, Cynthia Wu, told Decrypt via email that the layoffs reflect the company’s new focus on “accredited investors given the significant shift in the regulatory climate following the industry-wide capitulations,” noting that hiring continues in other departments—namely compliance, legal and product development.
2022 was a tumultuous year for crypto, with major events including the implosion of crypto exchange FTX in November and the collapse of Terra in May. Both events resulted in billions of dollars exiting the crypto markets.
According to Matrixport, the firm has a monthly trading volume of $5 billion, with $10 in assets under management.
Reshuffle at Matrix Asset Management
According to Bloomberg reporting, Matrix Asset Management CEO Damien Loh and Head of Business Development and Investor Relations I Z Wong have also stepped down.
Matrix Asset Management is also owned by Jihan Wu, but the firm lists only four employees, including Loh and Wong, on its LinkedIn page.
Yu Yee Woo, the COO of Matrix Asset Management, reportedly said that “the firm is transitioning to new leadership, pending regulatory review.”
Matrix Asset Management did not immediately respond to Decrypt’s request for comment.