Crypto Brokerage Blockchain.com Lays Off 28% of Workforce

Crypto Brokerage firm, Blockchain.com Lays Off 28% of Workforce.
This is the second time Blockchain.com is laying off in less than a year.
The crypto industry has seen massive workforce eliminations in the recent past.

Brokerage platform for cryptocurrencies Blockchain.com has announced that it would be laying off 28% of its personnel, adding to a terrible week of bloodletting that has occurred throughout the troubled cryptocurrency business. The massive brokerage company has let go of approximately 110 people of the total workforce.

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The layoffs announced on Thursday came after Blockchain.com was forced to let off about 150 employees in July. At the time, the company was struggling to cope with a loss of $270 million on loans it had made to a failing hedge fund called Three Arrows Capital.

A Blockchain.com representative via email said;

The crypto ecosystem is facing significant headwinds as its course corrects from the challenges of the last year, to better balance product offerings with demand, we’ve made the difficult decision to reduce operating costs and headcount to rightsize the company.

Mass layoffs are nothing new for the bitcoin industry. An article on significant layoffs at Coinbase was released on Tuesday by Cryptonewsland. To be more specific, the well-known cryptocurrency exchange let go of 950 of its staff. This was Coinbase’s second round of layoffs in the space of a year.

Despite the recent uptick in layoffs, it’s important to keep in mind that plenty of businesses are still acting bullishly. In spite of the challenging market, both Binance and Ripple have continued to grow their international presence and staff size.

Web3 initiatives that provide useful services or tokens continue to emerge. Governments are also making adjustments based on what they’ve learned over the last year, and these adjustments could help crypto flourish in the coming months.

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Godfrey Mwirigi

Godfrey Mwirigi is an enthusiastic crypto writer with an interest in Bitcoin, blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience in their day-to-day endeavors.