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Blockchain.com Lays Off 28% Of Workforce In The Latest Round

Key Points:

Cryptocurrency brokerage Blockchain.com announced that it is firing 110 people, or 28% of its workforce.
According to the company, all affected employees are receiving severance payouts, the specifics of which differ by jurisdiction.
Prior to this, in July 2022, Blockchain.com was forced to lay off roughly 150 employees as the company dealt with a $270 million blow on debts it made to the defunct hedge fund Three Arrows Capital.

Blockchain.com, a cryptocurrency brokerage, announced that 28% of its staff would be let go.

According to sources from the news site Coindesk, the company, which was established by British entrepreneur Ben Reeves in York in 2011, intends to fire about 110 workers.

A Blockchain.com representative said:

“The crypto ecosystem is facing significant headwinds as its course corrects from the challenges of the last year. To better balance product offerings with demand, we’ve made the difficult decision to reduce operating costs and headcount to rightsize the company.”

According to the company, all affected employees are receiving severance payouts, the specifics of which differ by jurisdiction.

Prior to this, in July 2022, Blockchain.com was forced to lay off roughly 150 employees as the company dealt with a $270 million blow on debts it made to the defunct hedge fund Three Arrows Capital.

Blockchain co-founder and CEO Peter Smith

With the statement, US-based cryptocurrency exchange Coinbase, which started a wave of 950 layoffs earlier this week, became the most recent cryptocurrency company to reduce its workforce in 2023. ConsenSys, a company that develops Ethereum, also intends to let go of 100 or more employees.

Previously, the cryptocurrency brokerage was said to be eyeing FTX’s digital currency futures and clearinghouse LedgerX when it went up for sale.

The wave of layoffs is still happening in the context of the market is not very good, but the market in early 2023 is gradually showing a change as the coins are trading above average compared to the last month of last year.

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Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.