OTJCSLATANBLRENJZT4FAU7QDY 6 Blockchain.com Cuts 25% Workforce Amid Crypto Bear Market: Lies Ahead for the Industry?

Blockchain.com Cuts 25% Workforce Amid Crypto Bear Market: Lies Ahead for the Industry?

– Blockchain.com is closing its Argentina-based offices and canceling team expansion plans in several countries.
– The reduction brings the firms staffing back to January 2022 levels.
– Blockchain.com has expanded rapidly in the past 16 months, growing from 150 to more than 600 staff.
– Bolstering its balance sheet by contracting the business means the firm can absorb the financial impact from the collapse of Three Arrows Capital.
– The exchange is by no means alone and many high-profile crypto companies have announced job cuts as the bear market continues to bite the crypto industry.
– Blockchain.com is also shrinking its institutional lending business, halting all M&A, placing a pause on efforts to expand gaming and slowing its non-fungible token (NFT) marketplace.

 

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