Crypto lending platform BlockFi Inc. said Monday that it will reduce its headcount by about 20%, while digital currency exchange Crypto.com announced a 5% cut on Friday.
Earlier this month, crypto exchange Gemini Trust Co. said it plans to slash 10% of its staff and Coinbase Global Inc. also announced that it is rescinding job offers and freezing hiring. BlockFi founders Zac Prince and Flori Marquez said in a blog post that “market conditions that have had a negative impact on our growth rate” drove their decision to make the job cuts. Based in Jersey City, N.J., the company has more than 850 employees and is laying off more than 200 workers, dropping its headcount to arround 600 employees.
“Our clients will not experience any material changes to the quality of service they have come to expect, their funds are safeguarded, and all platforms and products continue to operate normally,” he said.
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