According to a report, Blockchain.com, a prominent cryptocurrency firm, has announced that it will be laying off a significant portion of its workforce. The company stated that the layoffs would affect approximately 28% of its employees, estimated to be roughly 110 individuals.
The move is part of the company’s restructuring efforts to adapt to changing market conditions and to focus on its core business.
This news comes as a shock to the affected employees and the cryptocurrency industry, which has been facing a difficult period with a significant decline in the value of cryptocurrencies and a decrease in trading activities. This has led to layoffs and downsizing across the industry as companies struggle to stay afloat in challenging market conditions.
This development follows Blockchain.com’s significant cuts to its workforce in July 2022, when the company had to let go of approximately 150 employees.
The reason for these layoffs was the company’s significant financial loss due to loans given to a hedge fund known as Three Arrows Capital (3AC). Unfortunately, 3AC went bankrupt, resulting in a massive hit to Blockchain.com’s bottom line, to the tune of $270 million. This financial setback led to job losses as the company looked to restructure and recover.
The past week has been difficult for the cryptocurrency industry, as multiple companies have announced significant layoffs. On Tuesday, Coinbase, one of the largest cryptocurrency exchanges in the United States, announced that it would cut 20% of its staff or approximately 950 jobs.
This was followed by an announcement from Ethereum development firm ConsenSys that they, too, would be laying off 100 or more employees. These layoffs are just the latest in a string of job cuts that have taken place in the industry over the past year.
If you would like to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, and Instagram.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
