In a bloody week of layoffs across the crypto business, the company is laying off 110 employees.
Blockchain.com, a cryptocurrency brokerage, announced the layoff of 28% of its personnel, or approximately 110 employees, adding to a horrible week of bloodletting in the devastated cryptocurrency business.
The layoffs announced on Thursday come after Blockchain.com was forced to lay off roughly 150 employees in July due to a $270 million loss on loans made to collapsed hedge fund Three Arrows Capital.
“The crypto ecosystem is suffering tremendous obstacles as it corrects its course from last year’s issues,” stated a Blockchain.com spokesman via email. “To better balance product offers with demand, we’ve made the painful decision to rightsize the organisation by reducing operating costs and manpower.”
Blockchain’s losses follow a bleak week in crypto, which saw US exchange Coinbase lay off 20% of its workforce, or approximately 950 employees, followed by rumours that Ethereum development firm ConsenSys plans to lay off 100 or more employees. According to CoinDesk, approximately 27,000 jobs have been lost in the business since April of last year.
Blockchain.com now has a team of 280 people, up from 160 at the beginning of 2021. According to the corporation, all impacted employees are receiving severance payouts, the specifics of which differ by jurisdiction.