A wave of layoffs has swept the crypto industry in early 2026, with firms including Algorand, Gemini, Crypto.com and OP Labs cutting hundreds of jobs.
The Algorand Foundation reduced its workforce by 25%, citing macroeconomic uncertainty and weak token prices, while Gemini and Crypto.com cut roughly 200 and 180 roles respectively.
Companies have pointed to both market conditions and the growing role of artificial intelligence, with Gemini stating that failing to adopt AI would be like “showing up to work with a typewriter instead of a laptop.”
The layoffs come as bitcoin prices have fallen about 20% this quarter, adding pressure on revenues and forcing firms to reduce costs.
Industry observers say consolidation is also playing a role, with sectors such as restaking, DePIN and layer-2 networks shrinking significantly.
Crypto job postings have dropped around 80% year-on-year, reflecting weaker hiring demand and a shift toward leaner operations.
The trend highlights a broader transition in the sector as firms balance cost-cutting with investment in AI and new business strategies.
At the time of reporting, Bitcoin price was $69,325.77.