According to a recent report, Blockchain.com laid off 1/4 of the company’s employees and also shut down the crypto company’s offices based in Argentina. The layoffs follow the report that Blockchain.com lost $270 million due to its exposure to 3 Arrows Capital (3AC).
Blockchain.com Lays Off 150 Employees Citing Winter Crypto Conditions
- On July 21, 2022, a Blockchain.com representative told Coindesk in an email that the company had laid off 250 employees, or 25% of employees. The company notes that government salaries and CEO pay have also been cut.
- In the words of broadcaster Ian Allison of the offer, Blockchain.com cited “the difficult conditions in the securities industry” and therefore the desire to “absorb money losses”. Allison was also the communicator who revealed that Blockchain.com had lost $270 million due to its exposure to 3AC as Allison was set to review a letter to shareholders written by COO Peter Smith.
- The source explained on Thursday that the company’s recent 25% reduction has brought Blockchain.com’s men back to the size they were in January. The company has jointly closed its Argentina-based offices and specific components of the company are tempered.
- The report notes that efforts on institutional disposal, game ideas, and therefore the company’s non-fungible token (NFT) market are being slowed down. Blockchain.com’s layoffs follow various companies that disclosed job cuts as well as crypto companies such as Bitso, Robinhood, Coinbase, Gemini, 2TM, Rain money, Blockfi, Bitpanda, Buenbit and Crypto. com.
- The largest NFT marketplace by sales volume, Opensea, recently cut just 20% of its employees, and Gemini also saw its second round of layoffs within the week. As of today, a few thousand workers from various cryptocurrency and blockchain related companies are dropping out and each of the companies cited the pessimistic crypto winter.
The post office Report: Blockchain.com Cut Employees by 25%, Executive Salaries Cut first appeared on BTC Sons.