Blockchain.com Trims Staff by 25%
The cryptocurrency exchange and wallet operator Blockchain.com terminated the employment of around 150 workers, which represents approximately 25 percent of the overall workforce, and reduced the compensation of senior management. Representatives of the company shared this information with CoinDesk. The number of workers is expected to revert to its pre-2022 levels.
Blockchain.com will close its Argentine office and halt hiring in the United States and United Kingdom. Freezing expansion ambitions to some nations. The business of providing loans to institutions will be scaled down, a halt will be placed on the completion of merger and acquisition transactions, and Blockchain.com will expand its gaming and NFT marketplace offerings.
The website of the corporation claims that its solutions are utilized by 37 million customers from 200 different nations. There are over 83 million wallets open on the network, which are responsible for almost a third of all bitcoin transactions worldwide.
Due to financial losses and difficult market circumstances, the firm said that it needed to make up the shortfalls. It was emphasized by Blockchain.com’s officials that the company still generates a significant amount of revenue. The choices were made in light of the possibility of losing 270 million dollars that had been loaned to the hedge firm Three Arrows Capital. The latter has filed an application for bankruptcy.
At the beginning of the month of July, Blockchain.com made a demand that Three Arrows Capital be liquidated. In March of 2022, the market capitalization of Blockchain.com was estimated to be $14 billion.