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BlockFi and Crypto.com lay off hundreds of staff as coins slump - The Verge

BlockFi and Crypto.com lay off hundreds of staff as coins slump - The Verge

Two large cryptocurrency firms are laying off large chunks of their staff as crypto prices continue to drop. They’re not the only ones struggling to deal with the market.

BlockFi, a platform for trading and lending cryptocurrency, announced via a blog post on Monday that it’s laying off 20 percent of its 850 employees — around 170 to 200 people. CEO Zac Prince said in a Twitter thread that the layoffs can be traced to a “dramatic shift in macroeconomic conditions” and BlockFi’s push to become profitable.

It’s not the only crypto company letting workers go. On Friday, Crypto.com (the company with the Super Bowl ad featuring LeBron James) announced that it’s laying off around 260 workers, or around 5 percent of its workforce, according to a Twitter thread from its CEO, Kris Marszalek.

We will continue to evaluate how to best optimize our resources to position ourselves as the strongest builders during the down cycle to become the biggest winners during the next bull run.

https://www.theverge.com/2022/6/13/23166028/blockfi-crypto-com-layoffs-cryptocurrency-defi-slump-halts


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