Report: Blockchain.com Cuts Staff by 25%, Executive Salaries Reduced

Must read

Bored Apes, Moonbirds to feature on NFT-customized Mastercard debit cards

The customizable card will only support NFT avatars from select blue chip collections, subject to Mastercard’s design standards and an owner verification process....

Innovation will drive NFT adoption despite mainstream presence: NFTGo founder

The presence of global players may be viewed positively by the industry, but Tony Ling claims this does not impact mass adoption. ...

The path moving forward for ex-Ethereum miners remains unclear

It seems that some GPU owners have resorted to selling power to non-crypto projects following the Ethereum Merge. 1280 Total views...

Acala Network to resume operations after burning 2.7B in aUSD stablecoin

A total of 2.97 billion aUSD erroneously minted were recovered after the glitch. 650 Total views 12 Total shares...

According to a recent report, Blockchain.com has laid off a quarter of the company’s staff and it has closed the crypto company’s Argentina-based offices as well. The layoffs follow the report that noted Blockchain.com lost $270 million due to exposure to Three Arrows Capital (3AC).

Blockchain.com Lays Off 150 Workers Citing Crypto Winter Conditions

  • On July 21, 2022, a Blockchain.com representative told Coindesk in an email that the company has laid off 150 workers or 25% of the staff. The company further notes that executive salaries and the CEO’s compensation were also cut back.
  • According to the reporter Ian Allison’s words from the source, Blockchain.com cited “harsh bear market conditions” and the desire to “absorb financial losses.” Allison was also the reporter that revealed Blockchain.com lost $270 million over exposure to 3AC as Allison was able to review a letter to shareholders written by the CEO Peter Smith.
  • The source on Thursday explained that the firm’s recent 25% reduction has brought Blockchain.com’s workforce down to the size it was in January. The company also closed its Argentina-based offices and specific parts of the company will be toned down.
  • The report notes that efforts dedicated to institutional lending, gaming ideas, and the company’s non-fungible token (NFT) marketplace will be slowed. Blockchain.com’s layoffs follow a number of firms that have revealed staff cuts including crypto companies like Bitso, Robinhood, Coinbase, Gemini, 2TM, Rain Financial, Blockfi, Bitpanda, Buenbit, and Crypto.com.
  • The largest NFT marketplace by sales volume Opensea just recently cut 20% of its staff and Gemini had its second round of layoffs this week as well. To date, a few thousand employees from various cryptocurrency and blockchain-related firms have been let go and all of the companies have cited the bearish crypto winter.

What do you think about Blockchain.com letting 150 workers go during the bearish crypto winter? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons, Editorial photo credit: Larich / Shutterstock.com

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

More articles

Latest article

Bored Apes, Moonbirds to feature on NFT-customized Mastercard debit cards

The customizable card will only support NFT avatars from select blue chip collections, subject to Mastercard’s design standards and an owner verification process....

Innovation will drive NFT adoption despite mainstream presence: NFTGo founder

The presence of global players may be viewed positively by the industry, but Tony Ling claims this does not impact mass adoption. ...

The path moving forward for ex-Ethereum miners remains unclear

It seems that some GPU owners have resorted to selling power to non-crypto projects following the Ethereum Merge. 1280 Total views...

Acala Network to resume operations after burning 2.7B in aUSD stablecoin

A total of 2.97 billion aUSD erroneously minted were recovered after the glitch. 650 Total views 12 Total shares...

California files order against Nexo interest account, says it’s 8th state to take action

The state Department of Financial Protection & Innovation says the crypto-interest account is an unqualified security; Nexo has limited the accounts since the...