NEW DELHI: Leading cryptocurrency exchange Blockchain.com has laid off 25 percent of its workforce, or almost 150 employees amid worldwide economic catastrophe,
According to CoinDesk, the digital asset trading firm has announced that it will close its Argentina-based operations and suspend its global expansion plans. Those who are laid off will receive severance pay ranging from four to twelve weeks, according to the crypto platform.
The company, which recently announced a USD 270 million shortfall due to lending from the now-defunct hedge fund Three Arrows Capital, stated that the decision to reduce the personnel was made due to "tough bear market circumstances and the need to absorb financial losses." Nearly 44 percent of those laid off are in Argentina, 26 percent in the United States, 16 percent in the United Kingdom, and the remainder in other nations.
lockchain.com is also scaling back its institutional loan operations, freezing all mergers and acquisitions, and pausing efforts to extend its gaming and non-fungible token (NFT) marketplaces. Several cryptocurrency exchanges and lending platforms have reduced their staff in recent months.
After laying off nearly 10 percent of its workforce earlier this year due to "turbulent market conditions," cryptocurrency exchange Gemini fired off additional workers earlier this week in the second round of layoffs.
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