Cryptocurrency Exchange Blockchain.Com Cuts 25% Workforce Due to Financial Loss

Blockchain

Blockchain.com, a Cryptocurrency exchange, said on Tuesday that it is cutting 25% of its workforce, which makes up about 150 people. 44% of the laid off employees are in Argentina, 26% in the U.S., 16% in the U.K, while the remaining are from the rest of the world. The company said that the harsh market conditions and the need to absorb financial losses influenced this decision. Recently, Blockchain revealed that it had a $270 million loss because it lent money to bankrupt crypto exchange firm Three Arrows Capital.

The Cryptocurrency exchange has stated that it would close down its Argentina-based offices and cancel the initial expansion plans in several countries.

This reduction brings the number of staff in the firm to the number it was around the beginning of the year before its expansion.

A representative of the crypto exchange said that, Blockchain.com has expanded rapidly in the past 16 months, growing from 150 to more than 600 staff. The firm’s fundraising program will also suffer loss from the firm’s financial relationship with Three Arrows Capital.

Sadly, Blockchain.com, one of the oldest firms in the crypto industry, is shrinking its institutional lending business, halting all M&A, and efforts to expand gaming. It has also slowed down its non-fungible token (NFT) marketplace.

Furthermore, Executive salaries and CEO compensation have also been reduced. while Consumer revenue remains active and strong; institutional revenue is currently flat and will recover in good time, the representative added

This Post Has One Comment

Leave a Reply

Important Link

Fund Your Deriv Account
Withdraw Funds to Your Local Currency
VIP Trading Signals
Learn To Trade

Contact Us

Follow Us

Disclaimer

Forex, Crypto, Options, and Binary Options have both large potential rewards and large potential risks. Therefore, before investing or trading any of the assets, ensure you are aware of and willing to accept the accompanying risks. Do not trade money you cannot afford to lose.

All Rights Reserved. None of the content of this website can be published elsewhere by any means without the prior consent of the owner(s). Please, check our terms & conditions and privacy policy before continuing to use this website.

This website and its owner(s) are not in any way liable for any incurred loss, whether caused by the information provided on this website or otherwise. The use of this website, including the content and information provided, is the user’s sole liability.