Payment processing firm Stripe is cutting over 1,000 jobs, or 14% of its staff, according to a memo from company CEO Patrick Collison.
The startup has been leading crypto adoption among payments firm by allowing users to make payments in the USDC stablecoin and partnering with OpenNode for fiat-to-bitcoin payments.
Collison blamed macroeconomic factors such as inflation, rising energy prices and higher interest rates for the layoffs, and said “to adapt ourselves appropriately for the world we’re headed into, we need to reduce our costs.”
Bloomberg was the first to report on the job cuts.
UPDATE (Nov. 3, 13:50 UTC): Updates story with confirmation from Stripe.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.