Crypto lending firm BlockFi today announced that it was cutting staff—making it the latest company in the digital asset space to give employees the chop amid a brutal bear market.
The firm said in a Monday statement that it was reducing its headcount by “roughly 20%.” BlockFi joins U.S. cryptocurrency exchanges Gemini, Coinbase, and Crypto.com in workforce cuts. A number of Latin American exchanges have also announced layoffs.
BlockFi, which offers its customers high-yield crypto accounts, said that it was “impacted by the dramatic shift in macroeconomic conditions worldwide.” It is likely referring to fears of a possible recession hitting markets hard just about everywhere around the globe.
Today, Wall Street’s S&P 500 dropped 20% below its January 3 record. Crypto is not exempt and is following the traditional markets, with Bitcoin and pretty much the entire digital asset space suffering. One of BlockFi's principal crypto-lending competitors, Celsius, yesterday cited market...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...