Downsizing at crypto firms continues with Singapore-based Matrixport slashing its headcount and increasing its focus on accredited investors.
Matrixport Technologies is cutting its headcount by about one-tenth, according to a statement by chief operating officer Cynthia Wu, which was estimated to total approximately 300 in late 2022.
«We’ve sharpened our strategic focus towards accredited investors given the significant shift in the regulatory climate following the industry-wide capitulations,» Wu said, adding that hiring would continue in areas like compliance, legal and product development.
Asset Management Exits
In addition, Matrix Asset Management has also lost two top employees including chief executive Damien Loh and head of business development I Z Wong, according to a «Bloomberg» report citing unnamed sources.
Matrix Asset Management COO Yu Yee Woon said that «the firm is transitioning to new leadership, pending regulatory review» without further elaborating.
Loh joined the firm in October 2021 after 15 years with J.P. Morgan in New York, Tokyo and Singapore. Wong joined in July 2022 after 11 years with alternatives investment firm Dymon Asia Capital, last as a managing director.
Crypto Miner
Matrixport is a 2019 spinoff from Bitmain Technologies, the world’s largest bitcoin mining rig manufacturer. It offers crypto investment products and lending services with $5 billion in monthly trading volume alongside $10 billion in assets under management and custody, according to its website.
Matrixport and Bitmain were co-founded by crypto billionaire Jihan Wu.
