Massive layoffs continue engulfing the crypto market. Blockchain.com took the latest actions by reducing its workforce by 25%.
Blockchain.com has been on a rapid expansion drive in the last 16 months as a pioneer firm in the cryptocurrency industry, with its staff jumping from 150 to 600. Per the announcement:
“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 recent collapse of crypto hedge fund Three Arrows Capital (3AC) dented the exchange’s financial position after losing $270 million.
Blockchain.com CEO Peter Smith mentioned in a letter to shareholders, “Three Arrows is rapidly becoming insolvent, and the default impact is approximately $270 million worth of cryptocurrency and U.S. dollar loans from Blockchain.com.”
The exchange has also stopped all mergers and acquisitions (M&A), reduced institutional lending, and slowed its establishment in the non-fungible token (NFT) marketplace.
The...
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