Compass Mining said that it is cutting salaries, spending and 15% of its team.
The Bitcoin mining company also stated that pay cuts were up to 50% for senior employees and the executive team.
“While painful, these changes will enable Compass to stay agile and well-positioned in this evolving market, which has challenged many of our industry peers,” the statement from co-founders and interim CEOs Thomas Heller and Paul Gosker said.
Recently, Compass Mining also resigned its CEO and CFO. The Block reported that the company cited “multiple setbacks and disappointments,” while at that time, a conflict with one of its hosting providers over claims of missed payments became known to the public.
However, Compass Mining also stated that the company has grown too quickly but its services are “not nearly where it needs to be.”
The changes in the company have been affected by the recent market downturn and they have joined other crypto companies in making layoffs to tackle the massive market downturn.
According to The Block, Crypto companies such as Bullish.com has laid off less than 30 Bullish staff members. Bullish has employed around 390 people.
However, a company spokesperson confirmed that “Bullish continues to actively hire for products, engineering and other strategic roles as we continue to evolve our business strategy.”
Meanwhile crypto-backed loans provider CoinLoan has temporarily reduced the withdrawal limit for traders. The company explained that the move was made due to the current market turmoil.
Following the announcement, customers have been restricted to a maximum withdrawal limit of $5,000 every 24 hours.
“The interest we pay on the Interest Accounts is yielded by issuing overcollateralized loans to other platform users. Hence in some instances, the estimated date of a complete withdrawal of assets from the Interest Accounts comes before, not after, loan closure,” CoinLoan stated in the announcement.
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