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.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
South Africa South Africa Latest News, South Africa South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Crypto Lending Company Blockfi Cuts Staff by 20% – Bitcoin NewsBlockfi announced that crypto 'market conditions' have had a 'negative impact” on the firm and it will be laying off 'roughly 20%' of its staff. not a good news $PAW x3 prize, auto mode, rolling game, easy to play, excellent tribalpunk
Source: BTCTN - 🏆 531. / 51 Read more »
EUR/USD bounces off monthly low to regain 1.0500 amid market’s indecision, Fed in focusEUR/USD picks up bids to consolidate daily losses around 1.0495, staying around the monthly low during a three-day downtrend amid early European morni
Source: FXStreetNews - 🏆 14. / 72 Read more »
Why ETFs are a wise choice in a bear marketA bear market is a prolonged period of stock market price declines, typically by 20% or more from its most recent high. Check out thedividend1 for great stock picks in this bear market Worried about a Recession Don’t worry about it…Better worry about a DEPRESSION!!!! Exactly what President Trump said would happen if Biden got into office! Between Fox News trying to make people lose money and every other news talking about Jan 6th instead of this bed shitting economy. I wonder why no one trust you guys
Source: FoxBusiness - 🏆 458. / 53 Read more »
Recession looming? Stocks tumble worldwide amid bear market growlsWall Street is tumbling even more Monday, sending the S&P 500 down more than 20% from its record, amid fears that a recession is more likely given how unshakeable inflation has become. Rohit Chopra 🔽 the man pictured below keeps telling Joe Biden there's no inflation or recession. Let’s go Brandon
Source: ABC7NY - 🏆 592. / 51 Read more »