The exchange and operator of cryptocurrency wallets Blockchain.com will lay off 110 employees (28% of staff) as part of cost-cutting measures in the current crypto winter. CoinDesk.
The company currently employs 280 people. In early 2021 the figure stood at 160.
A Blockchain.com spokesperson explained the move as an attempt to balance the company’s product offerings with demand. The persistent unfavorable market conditions forced a reduction in the company’s size, he said.
According to the publication, since April 2022 the industry has shed around 27,000 positions.
Since the start of 2023, reports of layoffs at Coinbase, ConsenSys and Genesis Trading have emerged.
In July Blockchain.com cut 150 employees (~25% of their headcount at the time).
The moves came amid potential losses of $270 million, previously lent to the hedge fund Three Arrows Capital. The latter filed for bankruptcy.
Follow ForkLog’s Bitcoin news in our Telegram — crypto news, rates and analysis.