Blockchain.com cuts headcount by 28%
Blockchain.com lays off 28% of employees to reach profitability by 2023. It cut 25% of its workforce in July 2022, affected by the collapse of 3AC.
The year has changed, but the impact of crypto winter remains the same. Blockchain.com is the latest crypto firm to let go of its employees for cost-cutting measures. The firm accelerated its workforce by 5X in 2021, but now it believes that righting its workforce is critical.
A source close to the situation informed BeInCrypto that Blockchain.com announced to let go of 28% of its full-time employees on Thursday. The firm also laid off up to 100 contract workers on Tuesday, making up about 80% of its total contractors.
The collapse of Three Arrow Capital greatly affected Blockchain.com. Previously, it cut over 150 employees in July, which made up a quarter of the total workforce.
CEO of Blockchain.com – Peter Smith, explains: “Returning to profitability is our single best strategy in this environment and it is necessary to reduce our costs to achieve this in 2023.”
Binance plans to expand its team as the industry experiences massive layoffs
Not only Blockchain.com, but crypto exchange Coinbase announced to cut its workforce by 950 employees on Tuesday. It has laid off over 2,000 employees since June 2022.
Indian crypto exchange CoinDCX has reportedly fired 80-100 employees across marketing, branding and activation teams for restructuring.
But as competitors lay off employees, Binance CEO Changpeng Zhao plans to expand the team. At the Crypto Finance Conference in St. Moritz, Zhao declared that they want to increase the number of employees by 15% to 30% by 2023.
However, Steve Hanke, professor of applied economics, predicts that there will be more cuts for the wider industry.
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Disclaimer
BeInCrypto has reached out to the company or person involved in the story for an official statement on the latest development, but has yet to hear back.
