On July 21, Blockchain.com declared that it was going to lay off around 150 employees. The company’s workforce is going to be slashed by about 25%. After the said reduction in staff, the company’s staff strength will go back to what it was in January 2022. The company that trades in digital assets announced that it would close its headquarters in Argentina and put an end to its expansion plans in a number of other nations.
According to the company spokesperson, CEO salaries as well as executive salaries are also being decreased. According to the spokesperson, consumer revenue is still active and robust, but institutional income is flat and will take some time to recover in the future.
Blockchain.com is one of the oldest firms in the crypto industry. The company is also cutting down on all mergers and acquisitions, lending, and gaming efforts.
The company pointed out that dealing with the almost-bankrupt hedge fund, Three Arrows Capital, had left them with a loss of $270 million. Bitcoin.com said that almost 44% of the affected employees were from Argentina, 16% were from the U.K., and about 26% were from the United States.
As the crypto business continues to suffer from the market downturn, other well-known crypto companies have announced layoffs as well.
Depending on the country, employees who are laid off will receive severance pay for four to twelve weeks. If the employees are based in the U.S. or the U.K., job replacement assistance will also be provided.