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Blockchain.com is said to shed 28% of staff as crypto market downturn persists

Blockchain.com is said to shed 28% of staff as crypto market downturn persists


Seeking Alpha
2023-01-12 15:46:58
Blockchain.com is said to shed 28% of staff as crypto market downturn persists

Troubled cryptocurrency brokerage Blockchain.com is reportedly laying off 28% of its headcount, or about 110 staff, in its second round of job cuts as the lingering market slump persists. The move comes after the company was said to have slashed 25% of its workforce in July 2022, as it stood to lose $270M after lending to insolvent crypto hedge fund Three Arrows Capital. The layoffs added to this week's pain across the crypto indsutry, with crypto exchange Coinbase Global ( COIN ) making another round of job cuts on Tuesday. Despite the bloodletting, bitcoin ( BTC-USD ) rose to its highest level in nearly a month, climbing over 6% so far this week to $18.11K as of 10:47 a.m. ET. After accounting for the job losses, Blockchain.com now has 280 employees compared with 160 at the start of 2021, CoinDesk reported. Blockchain.com did not immediately respond to Seeking Alpha's request for comment. Previously, (Oct. 28, 2022) Blockchain.com was said to possibly raise capital at 71%-79% discount to prior valuation .

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