The cryptocurrency exchange Blockchain.com announces a layoff of 25% or 150 employees of its staff, citing financial losses. The exchange is in the process of closing down its office in Argentina, and avoiding further expansions.
Reports indicate the layoff in question affects 44% of Blockchain.com’s staff in Argentina, 26% in the US, and 16% in the U.K. The crypto bear market’s list of the Cryptoverse players driven towards layoffs, restructuring, or bankruptcy is soaring.
After a swift expansion to a staff strength of over 600 in the last 16 months, the CEX’s lending to 3AC makes it bear the brunt of the ‘harsh bear market conditions.’
Also Read: Blockchain.Com Could Suffer $270M Loss on 3AC Liquidation
Blockchain.com is also willing to cut its institutional lending business, limit M&As, postpone its gaming expansion and NFT marketplace. It details Europe, Africa, and the US demanding more of its brokerage services.
Per Blockchain.com representative, the exchange is also cutting compensation of CEO and executive salaries.
The exchange’s consumer revenue is still unaffected, but institutional revenue is stagnant, if not down. The exchange’s layoff-impacted staff will receive a 4-to-12 week country-dependent severance benefit. The U.K. and US employees will also get job replacement assistance via a third party.
