BlockFi Lays 20 Percent Of Employees In A Bloody Crypto Market

BlockFi fires its employees. (BlockFi)

JAKARTA – Crypto exchange and lending company BlockFi is following in the footsteps of other crypto exchanges that cut their workforce massively during a downturn in the crypto market. BlockFi reportedly laid off about 20 percent of its 850-plus employees.

The information was announced live in a BlockFi blog post. According to the statement, the company noted “dramatic changes in macroeconomic conditions around the world” as a major cause of mass layoffs.

The termination had a major impact on the various teams at BlockFi. The company's decision was meant to cut spending in preparation for a "prolonged global recession."

For information, since 2020, BlockFi has experienced rapid growth from 150 employees to more than 850s. However, the drastic changes in the crypto market in the first quarter of 2022 forced BlockFi to stop its expansion. The company is trying to readjust its strategy.

BlockFi itself prioritizes profitability by cutting four main operational costs, namely reducing marketing costs and executive compensation as well as cutting the number of employees, as well as terminating contracts with vendors that are not so important.

Despite the massive layoffs, BlockFi said the decision would have no effect on the services of the company, which has around 650,000 clients from various countries.