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BlockFi Lays Off 20% Of Workforce: 'Macroeconomic Environment Has Shifted Dramatically'

Published 13/06/2022, 19:32
© Reuters. BlockFi Lays Off 20% Of Workforce: 'Macroeconomic Environment Has Shifted Dramatically'

Zac Prince, CEO of cryptocurrency exchange and lender BlockFi, took to Twitter Inc (NYSE: NYSE:TWTR) on Monday to announce the company intends to lay off 20% of its staff.

“This morning we announced that after taking significant time to plan and consider, we are reducing our headcount by roughly 20%. This is not a decision we take lightly and is one that brings us great sadness,” Prince said on the micro-blogging platform.

Other Web3 clients, including Gemini, Coinbase (NASDAQ:COIN) Global Inc (NASDAQ: COIN) and Crypto.com, have recently announced layoffs due to the mass market selloff that has seen the global cryptocurrency market valuation plummet from about $3 trillion to under $1 trillion in less than a year.

“Since Q1 of 2022, the macroeconomic environment has shifted dramatically, sparking a dramatic pullback in equity and crypto markets. As a result, our number one goal has been to achieve profitability so that we can own our destiny as we navigate what many expect to be an extended global recession,” Prince said.

Related: Cryptos' Market Cap Tanks Below $1 Trillion, Crypto.com CEO Lays Off 5% Staff

During the historic crypto boom in the fall of 2021, BlockFi grew from 150 to 850 employees, according to the company's press announcement.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

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