Yugocean
Valued Contributor
Block Fi, a well-known crypto loan service, has also had to cut costs as a result of the market decline, thereby affecting its staff.
This is not the first time when a digital financial platform did job-cuts. Several well-known cryptocurrency services, including Gemini, Coinbase, and crypto.com, have recently reduced their workforce.
Due to the company's terrible financial situation, Block Fi has laid off up to 20% of its staff this time. BlockFi CEO Zac Prince made the announcement on Twitter.
In 2020, the company employed 150 people. The firm then generated a lot of money during the lockdown era as people's interest in crypto trading grew, and as the business grew, so did the number of employees, which jumped by more than 500 percent to 850 people.
With the market being bled in 2022 owing to the bear attack, the company's financial situation has grown serious, and it has been forced to cut its workforce.
This is not the first time when a digital financial platform did job-cuts. Several well-known cryptocurrency services, including Gemini, Coinbase, and crypto.com, have recently reduced their workforce.
Due to the company's terrible financial situation, Block Fi has laid off up to 20% of its staff this time. BlockFi CEO Zac Prince made the announcement on Twitter.
In 2020, the company employed 150 people. The firm then generated a lot of money during the lockdown era as people's interest in crypto trading grew, and as the business grew, so did the number of employees, which jumped by more than 500 percent to 850 people.
With the market being bled in 2022 owing to the bear attack, the company's financial situation has grown serious, and it has been forced to cut its workforce.
