Market Analysis

Blockchain.com Cutting a Quarter of Its Staff: Report

blockchain.com-cutting-a-quarter-of-its-staff:-report

Blockchain.com is cutting 25% of its workforce due to the ongoing crypto winter, CoinDesk has reported.

The firm is reportedly closing down its Argentina offices and scrapping its plans to expand to other countries. 

Blockchain.com Cutting Workforce 

Blockchain.com is the latest cryptocurrency firm to slash its workforce due to harsh market conditions, according to a CoinDesk report published Thursday. 

The company is cutting 25% of its staff, equating to around 150 people, in response to the ongoing crypto winter, CoinDesk reported citing an email from a company representative. 

As part of its survival plan for the coming months, the firm is reportedly shutting down its Argentina offices and canceling its plans to expand to other countries. According to the CoinDesk report, 44% of those affected by the cuts are based in Argentina, 26% in the U.S., 16% in the U.K., and the rest are located elsewhere around the world. The affected staff will reportedly be offered severance pay ranging from 4 weeks to 12 weeks depending on their location. In addition to the staff cuts, executive salaries will also be reduced, CoinDesk wrote.  

Other measures Blockchain.com is implementing include a slowdown on institutional lending, mergers and acquisitions, and its gaming and NFT ventures, the report said. 

Many crypto firms have announced similar plans to Blockchain.com in response to adverse market conditions, with the likes of Coinbase, BlockFi, and Gemini all announcing major cuts of their own in recent weeks. However, Blockchain.com has suffered a particularly hard hit due to the market decline. Earlier this month, it was revealed that the firm had exposure to Three Arrows Capital before the hedge fund collapsed. Three Arrows defaulted on $270 million worth of loans from the firm as it faced insolvency, though Blockchain.com CEO Peter Smith insisted that the firm was liquid and solvent in a letter to shareholders at the time. 

While Coinbase and other crypto exchanges publicly announced their staff cuts at the time, Blockchain.com has so far remained quiet. Crypto Briefing reached out to the firm for comment, but had not received a response at press time. 

Disclosure: At the time of writing, the author of this piece owned ETH and several other cryptocurrencies. 

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

Blockchain.com Loses $270M in 3AC Chaos

Three Arrows Capital owes $270 million to crypto lending platform Blockchain.com, though the CEO has insisted in a letter to shareholders that the company remains liquid and customers would not…

Coinbase Slashes Staff by 18% as Crypto Bear Intensifies 

News

The largest U.S. crypto exchange is taking drastic measures to ensure its survival. Coinbase Cuts Staff Another crypto exchange is downsizing to survive the crypto winter.  Coinbase CEO and co-founder…

BlockFi Cuts 20% of Workforce Amid Crypto Downturn

BlockFi is firing 20% of its employees due to worsening macroeconomic conditions.  BlockFi Anticipates Extended Global Recession BlockFi is letting go of 20% of its workforce. According to a Monday…

Click here for the the original source (post)