According to recent reports, Blockchain.com has laid off a quarter of its staff and it has similarly closed the crypto company’s Argentina-based offices with It is shutting down. The layoffs follow a report that indicated Blockchain.com lost $270 million due to its exposure to Three Arrows Capital (3AC).
Blockchain.com Lays Off 150 Workers Citing Crypto Winter Conditions
- On July 21, 2022, a Blockchain.com representativetoldCoindesk revealed in an email that the company had laid off 150 people, or 25% of its staff. The company further noted that executive salaries and CEO compensation were also cut.
- According to words from reporter Ian Allison’s source, Blockchain.com cited “severe bear market conditions” and a desire to “absorb financial losses.” Allison was also the reporter who revealed that Blockchain.com lost $270 million in its exposure to 3AC because he was able to confirm a letter to shareholders written by CEO Peter Smith.
- Sources on Thursday explained that Blockchain.com’s workforce has dropped to the size it was in January due to the company’s recent 25% cut. The company also closed its Argentina-based office and certain parts of the company will be toned down.
- The report notes that institutional lending, gaming ideas, and the company’s efforts to specialize in the non-fiat token (NFT) market will slow down.Blockchain.com layoffs are the latest in a long line of layoffs that include Bitso Robinhood, Coinbase, Gemini, 2TM, Rain Financial, Blockfi, Bitpanda, Buenbit, Crypto.com, and many others that have revealed staff reductions, including crypto firms.
- The largest NFT marketplace by sales volume, Oppensea, just recently cut 20% of its staff, and Gemini had a second round of layoffs this week as well. To date, thousands of employees from various cryptocurrency and blockchain-related companies have left their jobs, all citing a bearish crypto winter.
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