Crypto exchange Crypto.com and lending platform BlockFi plan to cut a total of more than 400 jobs, joining an expanding list of crypto companies looking to reduce headcount.
Crypto.com will cut almost 5% of its workforce, or about 260 employees, CEO Kris Marszalek said in a tweet over the weekend.
BlockFi also said it would trim its headcount in a tweet thread on Monday. CEO Zac Prince said "roughly 20%" of its workforce will go, which would equate to around 170 people.
The cryptocurrency market has been falling this year, having touched a peak value of about $3 trillion in November. On Monday it slumped more than 12% to slide below $1 trillion. Bitcoin has declined for nearly 12 straight weeks, marking one of the asset’s biggest slides in its lifetime.
Winklevoss twins-led exchange Gemini cut about 10% of its workforce and Middle Eastern crypto-exchange Rain Financial – among other companies – said it was cutting dozens of jobs. Coinbase (COIN) said it would be rescinding some job...
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