Cryptocurrency

BlockFi Reduces Staff by 20% As Web3 Layoffs Continue

With Crypto exchanges like Coinbase and Gemini doing the same.

Cryptocurrency

BlockFi Reduces Staff by 20% As Web3 Layoffs Continue

With Crypto exchanges like Coinbase and Gemini doing the same.

On Monday, June 13, cryptocurrency lending and trading company BlockFi issued a letter from its founders. The letter outlined the personal impacts the company is facing as a result of the current socio-economic climate globally, leading to the decision to reduce its staff by 20%.

“We’ve been through several tough days at BlockFi in the past, but today is probably the hardest. Like many others in the Tech industry, we have been impacted by the dramatic shift in macroeconomic conditions worldwide,” said the founders, adding that “we are in the gut-wrenching position of needing to reduce our headcount today. This is not a decision we take lightly and candidly is one that brings us great sadness.”

BlockFi is not the only firm in the space to make a decision like this, Coinbase has also made the decision to reduce its staff in the light of current market conditions. This comes in addition to the accepted job offers it reportedly retracted from would-be employees.

As of now, it appears the only cryptocurrency exchange to not be cutting staff is FTX, according to a tweet from its founder Sam Bankman-Fried, “I didn’t announce a hiring freeze. And today I’m not lifting a hiring freeze — because there never was one,” adding that “because the truth is that, for FTX, things are the same as they always are. We should hire great people, and be great to them.”

In other Crypto news, Nexo offers to buy Celsius and restore client withdrawals.

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