CoinCover, a company based in Wales that specializes in cryptocurrency protection services, has recently made the decision to lay off 50% of its staff, predominantly affecting its sales team. This news was shared by a member of the company’s staff who expressed their disappointment, 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!”
These sudden job cuts have raised concerns among employees and sparked broader discussions about the challenges faced by technology and cryptocurrency firms in an ever-evolving market landscape.
In response to these developments, CoinCover issued a statement explaining their decision: “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 endeavor 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.”
CoinCover is a company that offers security solutions specifically designed to protect individuals and businesses from the risks associated with holding cryptocurrency. Their main offering is a crypto protection platform that assists users in safeguarding their digital assets against theft, loss, and other vulnerabilities. Their services cater to both retail and institutional customers, providing protection for crypto wallets, private keys, and even disaster recovery services.
The layoffs at CoinCover are reflective of a broader trend in the tech and cryptocurrency sectors. Throughout 2023 and 2024, many tech companies, both large and small, have been downsizing their workforces due to various challenges. For example, in September, Matter Labs announced a 16% reduction in its workforce as part of a restructuring effort.
It is clear that the industry is experiencing significant changes, and companies like CoinCover are adapting their organizations to meet the demands of this evolving market.