Blockchain.com is now another in the increasingly long line of crypto companies that were forced to lay off a portion of their staff. The crypto exchange parted ways with 25% of its workforce, amounting to some 150 people.
Almost half of the people who lost their jobs worked in Blockchain.com’s Argentinian branch. This part of the company is now severely diminished. Moreover, Blockchain.com’s plans for expansion into other crypto markets are put on hold.
The crypto exchange was forced to part ways with employees in large part because of the $270 million worth of loans it made to Three Arrows Capital. This hedge fund is now in bankruptcy, after failing to pay back the loans it owes to several companies.
This news is part of the broader crypto winter, a period of diminished profits and adverse market conditions. Coinbase, Celsius, and Gemini are just some of the companies that let employees go recently. And just three days ago, we wrote about the NFT marketplace, OpenSea, laying off 25% of its staff.