Cryptocurrency lender BlockFi, which just weeks ago finalized a $400 million loan and potential acquisition terms with crypto exchange FTX, is offering employees buyouts as a way to quietly reduce headcount. The move comes one month after cutting 20% of its staff.
A BlockFi employee told Decrypt that the company is offering employees 10 weeks paid leave and 10 weeks of continued health insurance (commonly referred to as COBRA, which stands for the Consolidated Omnibus Budget Reconciliation Act) to resign. The source also said that the company has assured employees that if they accept the buyout, they will be eligible for unemployment.
BlockFi confirmed that employees were being offered buyouts in an emailed statement to Decrypt.
"BlockFi initiated a voluntary separation program to right-size our organization for the current market environment," a company spokesperson told Decrypt. "This is not an action we took lightly and want to ensure that employees have resources to consider the...
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