07-23-2022, 12:30 PM
Mass Layoffs Continue as Blockchain.com Sheds 25% of Workforce
<p>Blockchain.com, a Luxembourg-headquartered cryptocurrency exchange, announced on Thursday that it was shedding its teams across the world by 25%. </p><p>This percentage represents about 150 employees of the organization, CoinDesk reports.</p><p>The highest number of affected employees (44%) are based in Argentina where the exchange said it will be closing down its offices.</p><p>Outside of Argentina, 26% of them are based in the US, 16% in the UK and other locations around the world. </p><p>Blockchain.com said it took the decision as a result of the hard-hitting bear market. </p><p>It also wants to fend off the financial losses it has incurred.</p><p>Finance Magnates reported earlier this month that Blockchain.com may end up losing $270 million over its loans to collapsed cryptocurrency hedge fund Three Arrows Capital (3AC). </p><p>A British Virgin Island court last month ordered that 3AC be liquidated.</p><p>A representative of Blockchain.com, which recently hit a $14 billion valuation, told the outlet that the layoffs will revert the exchange's staff strength to its January 2022 position. </p><p>Additionally, the representative said the salaries of executives including chief executives will be decreased. </p><p>The disengaged staff are being offered 4 to 12 weeks of several benefits, depending on their base country, the exchange's representative said. </p> Other Measures<p>In April, Blockchain.com inked a sponsorship deal with the United States’ National Football League team, Dallas Cowboys.</p><p>However, with the development, the exchange said it will slow down on its non-fungible token marketplace.</p><p>In March, Blockchain.com acquired the trading and execution business of Altonomy, a Singapore-based company working in the digital asset ecosystem.</p><p>However, the company is now planning to shelf its merger and acquisition plans. Furthermore, it is cutting down on lending to institutions and businesses. </p><p>Blockchain.com’s job cut follows the current industry trend. Cryptocurrency exchanges Coinbase, Gemini and BlockFi have also announced mass layoffs in the past few months.</p><p>On the contrary, exchanges such as Binance and KuCoin, are maintaining their headcounts. </p><p>Speaking on the trend, stakeholders and experts who spoke to Finance Magnates in June pointed to the unpreparedness on the part of industry actors.</p>
This article was written by Solomon Oladipupo at www.financemagnates.com.
https://www.financemagnates.com/cryptocu...workforce/
<p>Blockchain.com, a Luxembourg-headquartered cryptocurrency exchange, announced on Thursday that it was shedding its teams across the world by 25%. </p><p>This percentage represents about 150 employees of the organization, CoinDesk reports.</p><p>The highest number of affected employees (44%) are based in Argentina where the exchange said it will be closing down its offices.</p><p>Outside of Argentina, 26% of them are based in the US, 16% in the UK and other locations around the world. </p><p>Blockchain.com said it took the decision as a result of the hard-hitting bear market. </p><p>It also wants to fend off the financial losses it has incurred.</p><p>Finance Magnates reported earlier this month that Blockchain.com may end up losing $270 million over its loans to collapsed cryptocurrency hedge fund Three Arrows Capital (3AC). </p><p>A British Virgin Island court last month ordered that 3AC be liquidated.</p><p>A representative of Blockchain.com, which recently hit a $14 billion valuation, told the outlet that the layoffs will revert the exchange's staff strength to its January 2022 position. </p><p>Additionally, the representative said the salaries of executives including chief executives will be decreased. </p><p>The disengaged staff are being offered 4 to 12 weeks of several benefits, depending on their base country, the exchange's representative said. </p> Other Measures<p>In April, Blockchain.com inked a sponsorship deal with the United States’ National Football League team, Dallas Cowboys.</p><p>However, with the development, the exchange said it will slow down on its non-fungible token marketplace.</p><p>In March, Blockchain.com acquired the trading and execution business of Altonomy, a Singapore-based company working in the digital asset ecosystem.</p><p>However, the company is now planning to shelf its merger and acquisition plans. Furthermore, it is cutting down on lending to institutions and businesses. </p><p>Blockchain.com’s job cut follows the current industry trend. Cryptocurrency exchanges Coinbase, Gemini and BlockFi have also announced mass layoffs in the past few months.</p><p>On the contrary, exchanges such as Binance and KuCoin, are maintaining their headcounts. </p><p>Speaking on the trend, stakeholders and experts who spoke to Finance Magnates in June pointed to the unpreparedness on the part of industry actors.</p>
This article was written by Solomon Oladipupo at www.financemagnates.com.
https://www.financemagnates.com/cryptocu...workforce/