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Crypto winter triggers avalanche of layoffs in 2023; Blockchain.com cuts 28% jobs

The layoffs come after Blockchain.com was forced to cut about 150 staff in July as the firm grappled with a $270 million hit on loans it made to failed hedge fund Three Arrows Capital, as per reports.

January 13, 2023 / 03:19 PM IST
Cryptocurrencies and other crypto assets have endured a rather long crypto winter all through 2022.

Cryptocurrencies and other crypto assets have endured a rather long crypto winter all through 2022.

Amid an ongoing spree of layoffs globally, cryptocurrency brokerage firm Blockchain.com announced that it would slash 28 percent of its workforce, or about 110 employees, owing to the ongoing market conditions impacting the crypto economy.

The layoffs come after Blockchain.com was forced to cut about 150 staff in July as the firm grappled with a $270 million hit on loans it made to failed hedge fund Three Arrows Capital, as per reports.

Also read: What crypto’s 2022 timeline tells us about its future

“The crypto ecosystem is facing significant headwinds as its course corrects from the challenges of the last year,” a Blockchain.com representative told CoinDesk. “To better balance product offerings with demand, we’ve made the difficult decision to reduce operating costs and headcount to rightsize the company."