BlockFi and Crypto.com lay off hundreds as digital coins crash

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Crypto Trading and Lending Exchanges BlockFi and crypto.com laid off hundreds of employees after the global crypto market took a hit due to a “dramatic change” in macro conditions.



BlockFi CEO Zac Prince said the company is reducing its workforce by approximately 20% and that this reduction is impacting all teams across the company.

“This decision was driven by market conditions that negatively impacted our rate of growth and a rigorous review of our strategic priorities,” he said in a statement late Monday.

The 20% reduction in the workforce will lead to the layoff of 170 to 200 people among its 850 employees.

Since the first quarter of 2022, the macroeconomic environment has changed dramatically, causing the equity and crypto markets to decline dramatically.

“As a result, our number one goal has been to achieve profitability so that we can master our destiny as we weather what many expect to be a prolonged global recession,” Prince said.

Previously, crypto.com announced that it was laying off about 260 employees, or almost 5% of its workforce.

Its CEO Kris Marszalek said in a tweet thread that the company’s approach is to stay focused on executing its roadmap and maximizing profitability.

“This means making difficult and necessary decisions to ensure continued and sustainable long-term growth by making targeted reductions of approximately 260 or 5% of our workforce,” he announced.

The layoffs come as the crypto market faces turbulent times, with the value of Bitcoin and Ethereum constantly falling.

Coinbase announced slowing hiring and would have canceled more than 300 job offers.

“Markets will turn, and when they do, you can be sure we’ll be ready to drive and capture the next wave of growth for cryptocurrency adoption,” said Marszalek, CEO of crypto.com. .

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