Centralized crypto exchange and lending platform BlockFi joined Geminis, CryptoCom, and other digital asset firms in massively trimming its staff size in the light of a downtrend wave storming the industry. Roughly 20% of its 850+ employees are set to be laid off, according to the company’s blog post penned by co-founders Zac Prince and Flori Marquez.“the dramatic shift in macroeconomic conditions worldwide” as the main cause of the mass layoffs.
Since the end of 2020, the firm’s staff has grown from 150 to the current size of over 850. However, the dramatic shift in market conditions starting from Q1 2022 has forced BlockFi to halt its expansion and readjust its strategy. Prioritizing profitability, the company said it would eliminate four major operating expenses, including reductions in marketing expenses and executive compensations, slowing headcount growth, and eliminating non-critical vendors. Despite the dramatic cut in staff, the firm stated that it would not impact its services for over 650,000 global clients.
Reportedly, BlockFi closed a down-round last week with a mere valuation of $1 billion – a substantial decline from the estimated valuation of over $5 billion last year.
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