In the words of the spokesperson for Blockchain.com, “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.”
Crypto exchange Blockchain.com slashed its workforce by 28% to reduce expenses amidst the ongoing crypto winter.
The news came less than a week after Coinbase reduced its staff by 20% and shut down projects with a low probability of success to cut down on operational costs.
Blockchain.com earlier laid off 150 employees in June 2022 following $270M shortfalls from Three Arrows Capital. In October 2022, Blockchain.com contemplated a down round of funding to reduce the firm’s value to a fraction of its $14B valuation at the start of 2022.
Now, the exchange has become the latest platform to reduce its staff by letting go of 110 employees. The headcount at the firm has been reduced to 280 workers following the second round of layoffs.
