Cryptocurrency exchange Blockchain.com is cutting 25% of its workforce, equating to about 150 people, the firm said on Thursday.
Blockchain.com said it would be closing down its Argentina-based offices and canceling team expansion plans in several countries. Some 44% of the impacted employees are in Argentina, 26% in the U.S., 16% in the U.K., and the remaining from the rest of the world, the company said.
The reduction brings the firm’s staffing back to January 2022 levels, a representative told CoinDesk via email.
Blockchain.com has expanded rapidly in the past 16 months, growing from 150 to more than 600 staff. The firm's fundraising efforts will absorb the financial impact from the collapse of Three Arrows Capital, Blockchain.com representative said.
The exchange is by no means alone and many high-profile crypto companies have announced job cuts as the bear market continues to bite the crypto industry.
Blockchain.com, which is one of the oldest firms in the crypto industry, is...
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