Crypto Brokerage Blockchain.com Laid off 28% of its Workforce

Blockchain.com laid off 28% of its workforce in order to attain profitability in 2023. Earlier, the company cut 25% of its workforce in July 2022 as a result of 3AC's collapse.

The year has passed, but the impact of the crypto winter has not. Blockchain.com is the latest crypto company to lay off employees in order to reduce expenses. The company increased its workforce by 5X in 2021, but now believes it is important to rightsize its workforce.

Blockchain.com Fires 28% of Its Employees

As per recent reports, Blockchain.com announced the layoff of 28% of its full-time employees on Thursday. The company also laid off up to 100 contract employees on Tuesday, accounting for around 80% of the total contractors.

The collapse of Three Arrow Capital had a significant impact on Blockchain.com. Previously, in July, it laid off roughly 150 employees, accounting for a quarter of the total workforce. 

Massive lay-offs in Crypto Industry

Not just Blockchain.com, but also the cryptocurrency exchange Coinbase, announced 950 job cuts on Tuesday. Since June 2022, it has laid off almost 2000 employees.

Furthermore, the Indian crypto exchange CoinDCX also fired 80-100 employees from its marketing, branding, and activation teams for restructuring. Professor of Applied Economics Steve Hanke believes that the broader industry will witness more layoffs in the near future.

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