Crypto exchanges, Crypto news

Blockchain.com laid off a quarter of its employees

The exchange and operator of cryptocurrency wallets Blockchain.com fired ~150 employees (~25% of the total) and cut salaries of top managers.
Employee numbers will return to early 2022 values.

 

Blockchain.com will close its office in Argentina and suspend hiring in the US and UK.

Plans to expand into some countries are frozen. Blockchain.com will cut its institutional lending business, put a moratorium on M&A deals, gamification development and NFT marketplaces.

According to the company’s website, its services are used by 37 million users from 200 countries. About a third of global bitcoin transactions go through 83 million wallets opened on the platform.

The company cited the need to compensate for financial losses and unfavorable market conditions. Blockchain.com continues to generate high revenues, its representatives stressed.

Recall that a former Obama aide joined the Board of Directors of Blockchain.com.

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