According to a recent report, Blockchain.com laid off a quarter of the company’s employees and also closed the cryptocurrency company’s offices in Argentina. The layoffs followed a report noting that Blockchain.com lost $270 million due to exposure to Three Arrows Capital (3AC).
Blockchain.com lays off 150 workers, citing cryptocurrency winter conditions
- July 21, 2022 Blockchain.com representative said Coindesk said in an email that the company laid off 150 employees or 25% of the staff. The company also notes that executive salaries and CEO compensation have also been cut.
- According to reporter Ian Ellison from a source, Blockchain.com cited “tough bear market conditions” and a desire to “cover financial losses.” Allison was also the reporter who reported that Blockchain.com lost $270 million due to 3AC exposure as Allison was able to view a shareholder letter written by CEO Peter Smith.
- A source on Thursday explained that the firm’s recent 25% downsizing has reduced Blockchain.com’s workforce to the size it was in January. The company has also closed its offices in Argentina and certain parts of the company will be made redundant.
- The report notes that efforts towards institutional lending, game ideas, and the company’s non-fungible token (NFT) market will be slowed down. Blockchain.com’s layoffs follow a number of firms that have reported layoffs, including crypto companies such as Bitso, Robinhood, Coinbase, Gemini, 2TM, Rain Financial, Blockfi, Bitpanda, Buenbit and Crypto.com.
- Opensea, the largest NFT trading platform by volume, just cut 20% of its staff, and Gemini also went through a second round of layoffs this week. To date, several thousand employees of various cryptocurrency and blockchain-related firms have been fired and all companies have cited a bearish crypto winter.
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