Crypto wallet and exchange provider Blockchain com will cut staff by 28 percent.
The challenging process of the crypto winter continues to affect companies heavily. In the last week, three different crypto companies have overhauled their cost management and identified new strategies. Layoffs were the first pillars of the strategy. It’s been a bleak week in the crypto industry, with US-based exchange Coinbase announcing it’s laying off about 950 jobs, followed by news that Ethereum development firm ConsenSys is planning to lay off 100 or more.
Blockchain.com Lays Nearly 110 Employees
Blockchain.com is laying off 110 staff (28% of the workforce) in a dark cloudy week of layoffs across the crypto industry.
Blockchain.com also had to lay off about 150 staff in July as it grappled with a $270 million hit over loans it made to failing hedge fund Three Arrows Capital.
A Blockchain.com representative said in an emailed statement:
“The crypto ecosystem is facing significant headwinds as it corrects its course after last year’s challenges. To better balance product offerings with demand, we made the difficult decision to restructure the company by reducing operating costs and headcount.”
Blockchain.com had a staff of 280 at the beginning of 2021. The company said all affected employees received severance packages, the details of which vary by country.
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