Connect with us

150 workers

Report: Blockchain.com Cuts Staff By 25%, Executive Salaries Reduced

Published

on

Report: Blockchain.com Cuts Staff By 25%, Executive Salaries Reduced

According to a recent report, Blockchain.com has laid off a quarter of the company’s staff and it has closed the crypto company’s Argentina-based offices as well. The layoffs follow the report that noted Blockchain.com lost $270 million due to exposure to Three Arrows Capital (3AC).

Blockchain.com Lays Off 150 Workers Citing Crypto Winter Conditions

  • On July 21, 2022, a Blockchain.com representative told Coindesk in an email that the company has laid off 150 workers or 25% of the staff. The company further notes that executive salaries and the CEO’s compensation were also cut back.
  • According to the reporter Ian Allison’s words from the source, Blockchain.com cited “harsh bear market conditions” and the desire to “absorb financial losses.” Allison was also the reporter that revealed Blockchain.com lost $270 million over exposure to 3AC as Allison was able to review a letter to shareholders written by the CEO Peter Smith.
  • The source on Thursday explained that the firm’s recent 25% reduction has brought Blockchain.com’s workforce down to the size it was in January. The company also closed its Argentina-based offices and specific parts of the company will be toned down.
  • The report notes that efforts dedicated to institutional lending, gaming ideas, and the company’s non-fungible token (NFT) marketplace will be slowed. Blockchain.com’s layoffs follow a number of firms that have revealed staff cuts including crypto companies like Bitso, Robinhood, Coinbase, Gemini, 2TM, Rain Financial, Blockfi, Bitpanda, Buenbit, and Crypto.com.
  • The largest NFT marketplace by sales volume Opensea just recently cut 20% of its staff and Gemini had its second round of layoffs this week as well. To date, a few thousand employees from various cryptocurrency and blockchain-related firms have been let go and all of the companies have cited the bearish crypto winter.
Tags in this story

150 workers, 25% staff, 3AC, Argentina, Bear cycle, Bearish Conditions, Blockchain.com, Blockchain.com $270M Loss, Company CEO, Company Layoffs, Crypto Winter, Gaming, Ian Allison, institutional lending, laid off, layoffs, NFT marketplace, report, Salary reduction, shareholders letter, sources, Three Arrows Capital

What do you think about Blockchain.com letting 150 workers go during the bearish crypto winter? Let us know what you think about this subject in the comments section below.

Advertisement
Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.

Advertisement

Image Credits: Shutterstock, Pixabay, Wiki Commons, Editorial photo credit: Larich / Shutterstock.com

Advertisement

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Top posts

․bit Raises $13M To Build Cross-Chain Decentralized Identity Protocol ․bit Raises $13M To Build Cross-Chain Decentralized Identity Protocol
BIT2 hours ago

․bit Raises $13M To Build Cross-Chain Decentralized Identity Protocol

sponsored .bit (did.id) has raised $13 million to build a cross-chain decentralized identity protocol. The Series A round, completed one...

What a complete yolk! Comparing Bitcoin to Eggs and why it matters What a complete yolk! Comparing Bitcoin to Eggs and why it matters
adoption2 hours ago

What a complete yolk! Comparing Bitcoin to Eggs and why it matters

What a complete yolk! Comparing Bitcoin to Eggs and why it matters Liam ‘Akiba’ Wright · 4 seconds ago ·...

Why Hashing Is Critical In Ensuring Sage Encryption In Cyber Security Why Hashing Is Critical In Ensuring Sage Encryption In Cyber Security
Cyber Security3 hours ago

Why Hashing Is Critical In Ensuring Sage Encryption In Cyber Security

Hashing is really important for integrated encryption in cyber security Assuming you work in the innovation or cyber security industry,...

New Brazil bill wants to tokenize mined gold on blockchain New Brazil bill wants to tokenize mined gold on blockchain
adoption3 hours ago

New Brazil bill wants to tokenize mined gold on blockchain

New Brazil bill wants to tokenize mined gold on blockchain Oluwapelumi Adejumo · 60 mins ago · 1 min read...

Solana Price Climbs To $47 As SOL Bulls Outshine Pesky Bears Solana Price Climbs To $47 As SOL Bulls Outshine Pesky Bears
btcusd4 hours ago

Solana Price Climbs To $47 As SOL Bulls Outshine Pesky Bears

Solana (SOL) price has locked its sights on the goal from day one. Solana’s price is extremely bullish Price spiked...

President Of Central Bank Of Brazil Disagrees With ‘Heavy Hand’ Regulations For Cryptocurrencies President Of Central Bank Of Brazil Disagrees With ‘Heavy Hand’ Regulations For Cryptocurrencies
Brazil5 hours ago

President Of Central Bank Of Brazil Disagrees With ‘Heavy Hand’ Regulations For Cryptocurrencies

The president of the Central Bank of Brazil, Roberto Campos Neto, has defended the use of more moderate regulations in...

Interlay launches Bitcoin-backed stablecoin iBTC on Polkadot network Interlay launches Bitcoin-backed stablecoin iBTC on Polkadot network
adoption5 hours ago

Interlay launches Bitcoin-backed stablecoin iBTC on Polkadot network

Interlay launches Bitcoin-backed stablecoin iBTC on Polkadot network Samuel Wan · 1 hour ago · 2 min read The new...

TA: Top 5 Crypto You Should Watch This Week – BTC, ETH, BNB, GMT TA: Top 5 Crypto You Should Watch This Week – BTC, ETH, BNB, GMT
Bitcoin5 hours ago

TA: Top 5 Crypto You Should Watch This Week – BTC, ETH, BNB, GMT

Top 5 Crypto You Should Watch This Week, with many crypto altcoins producing price gains of two or more digits....

Bitcoin, Ethereum Technical Analysis: BTC Lower, Following Brief Rally Above $25,000 Bitcoin, Ethereum Technical Analysis: BTC Lower, Following Brief Rally Above $25,000
Analysis5 hours ago

Bitcoin, Ethereum Technical Analysis: BTC Lower, Following Brief Rally Above $25,000

Bitcoin was trading lower to start the week, after the token briefly rose above $25,000 during Sunday’s session. As of...

Monero enhances privacy, security features with new upgrade Monero enhances privacy, security features with new upgrade
Monero7 hours ago

Monero enhances privacy, security features with new upgrade

Monero enhances privacy, security features with new upgrade Oluwapelumi Adejumo · 2 hours ago · 2 min read The Monero...

Report Shows Crypto Assets Record Steady Growth As Inflation Lowers Report Shows Crypto Assets Record Steady Growth As Inflation Lowers
BTC7 hours ago

Report Shows Crypto Assets Record Steady Growth As Inflation Lowers

The United States’ newest release on its inflation rate for July has created a celebration reason for many, especially the...

MANA’s network activity could bring forth a shorting opportunity here MANA’s network activity could bring forth a shorting opportunity here
Altcoins8 hours ago

MANA’s network activity could bring forth a shorting opportunity here

Every once in a while, cryptocurrencies go through a phase where volumes contract and prices are restricted within a narrow...

Monero (XMR) Climbs Over 7% Before Weekend Hard Fork Monero (XMR) Climbs Over 7% Before Weekend Hard Fork
btcusd8 hours ago

Monero (XMR) Climbs Over 7% Before Weekend Hard Fork

Monero (XMR) price has surged by as much as 7% in a matter of 24 hours before network upgrade or...

USDT supply up almost $2B over 30 days, USDC supply falls after blocking Tornado Cash linked wallets USDT supply up almost $2B over 30 days, USDC supply falls after blocking Tornado Cash linked wallets
MIM9 hours ago

USDT supply up almost $2B over 30 days, USDC supply falls after blocking Tornado Cash linked wallets

USDT supply up almost $2B over 30 days, USDC supply falls after blocking Tornado Cash linked wallets Oluwapelumi Adejumo ·...

Ripple lawsuit: SEC receives another shock after latest court ruling Ripple lawsuit: SEC receives another shock after latest court ruling
News10 hours ago

Ripple lawsuit: SEC receives another shock after latest court ruling

American watchdog SEC took a recent hit as the battle against Ripple moved into an interesting phase this week. There...

Leading European Tire Retreader Vaculug To Accept Crypto Payments Leading European Tire Retreader Vaculug To Accept Crypto Payments
Bitcoin11 hours ago

Leading European Tire Retreader Vaculug To Accept Crypto Payments

Vaculug, a British company that brands itself as Europe’s largest independent tire retreader, will now accept cryptocurrencies for its products...

Ethereum’s metrics that could determine your portfolio value this week Ethereum’s metrics that could determine your portfolio value this week
Altcoins12 hours ago

Ethereum’s metrics that could determine your portfolio value this week

It is not usual for the crypto markets to be dominated by an altcoin. But this seems to be the...

Pre-Merge: Here’s the full scope of the ETH 2.0 Deposit contract Pre-Merge: Here’s the full scope of the ETH 2.0 Deposit contract
Ethereum14 hours ago

Pre-Merge: Here’s the full scope of the ETH 2.0 Deposit contract

Ethereum, the world’s largest altcoin, continues to create headlines ahead of the upcoming Merge. As expected, it has been seeing...

Trending

Daily Bitcoin MiningEarn At least $50 daily with just your phone