The logo of cryptocurrency platform BlockFi.
Budrul Chukrut | SOPA Images | LightRocket via Getty Images
Crypto lender BlockFi is cutting around 20% of its staff as the company reckons with a dramatic downturn in digital currencies and heightened concerns about a weakening economy.
CEO Zac Prince said in a tweet Monday that BlockFi has been impacted by the “dramatic shift in macroeconomic conditions,” which have had a “negative impact” on growth.
Backed by venture capitalist Peter Thiel, BlockFi has grown dramatically in recent years, benefiting from low borrowing costs and the surge in crypto prices. Prior to the latest cuts, the company expanded from 150 employees at the end of 2020, to more than 850.
BlockFi, which offers a popular savings product that lets clients accrue interest on their digital currency holdings, raised more than $957 million since launching in 2017, and was reportedly aiming for a valuation of close to $5 billion last year. However, industry publication The...
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