As global crypto market batter, BlockFi and Crypto.com lay off hundreds of employees
After the global crypto market was battered owing to a “dramatic shift” in macro-economic conditions, Crypto trading and lending exchanges BlockFi and Crypto.com have laid off hundreds of employees. Since Q1 2022, the macroeconomic environment has shifted dramatically, sparking a dramatic pullback in equity and crypto markets.
BlockFi CEO Zac Prince said that the company is reducing headcount by roughly 20 percent and the reduction impacts every team at the company. The 20 percent workforce reduction will result in laying off 170 to 200 people from its 850-strong staff.
His statement read, “This decision was driven by market conditions that have had a negative impact on our growth rate and a rigorous review of our strategic priorities.”
“As a result, our number one goal has been to achieve profitability so that we can own our destiny as we navigate what many expect to be an extended global recession,” said Prince.
Earlier, Crypto.com announced it’s laying off around 260 employees, or nearly 5 percent of its workforce. Its CEO Kris Marszalek said in a tweet thread that the company’s approach is to stay focused on executing against its roadmap and optimizing for profitability.
“That means making difficult and necessary decisions to ensure continued and sustainable growth for the long term by making targeted reductions of approximately 260 or 5% of our corporate workforce,” he announced.
The layoffs come as the crypto market is facing a turbulent time, with the value of Bitcoin and Ethereum falling consistently.
Coinbase has announced slow hiring and reportedly rescinded over 300 job offers.
“The markets will turn, and when they do, you can be sure that we will be ready to drive and capture the next wave of growth for cryptocurrency adoption,” said Crypto.com CEO Marszalek.
[With Inputs from IANS]
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