York-founded crypto company Blockchain.com plans to cut its workforce by 28% as industry-wide woes intensify.
The UK-founded crypto exchange will lay off more than 100 staff, as reported by CoinDesk. The layoffs follow the firing of around 150 staff members at Blockchain.com in July of last year.
“The crypto ecosystem is facing significant headwinds as its course corrects from the challenges of the last year,” said a Blockchain.com representative.
“To better balance product offerings with demand, we’ve made the difficult decision to reduce operating costs and headcount to right-size the company.”
The global crypto industry has had a tough start to the year, with a handful of the largest companies in the sector making job cuts.
This week Coinbase – one of the two largest crypto exchanges in the world – announced it would slash a fifth of its workforce, which amounts to 950 jobs.
A spokesperson for Coinbase cited “increasingly challenging economic conditions” as the reason for the “difficult decision to start redundancy processes”.
The spokesperson said the affected employees will be part of a “group of provisionally selected employees in Europe to reduce the size of our teams to strengthen our business and ensure we can weather anything else that comes our way”.
Over in Singapore, Crypto.com is set to cut 20% of its workforce, around 700-900 people.
“We grew ambitiously at the start of 2022, building on our incredible momentum and aligning with the trajectory of the broader industry. That trajectory changed rapidly with a confluence of negative economic developments,” Kris Marszalek, co-founder and CEO of Crypto.com wrote in a post.