Crypto Reduces Workforce in Crypto Winter

Crypto wallet and exchange provider Blockchain com will cut staff by 28 percent.

Crypto wallet and exchange provider Blockchain.comwill reduce the number of personnel by 28 percent.

The challenging process of the crypto winter continues to affect companies heavily. In the last week, three different crypto companies have overhauled their cost management and identified new strategies. Layoffs were the first pillars of the strategy. US based stock exchange coinbase‘s announcement that it cuts about 950 jobs, and then the Ethereum development firm ConsenSysIt’s been a bleak week in the crypto industry, with news that the company is planning to lay off 100 or more employees. Lays Nearly 110 Employees is laying off 110 staff (28% of the workforce) in a dark cloudy week of layoffs across the crypto industry.’s July failed hedge fund Three Arrows CapitalHe had to lay off about 150 staff while grappling with a $270 million profiteering due to the loans he gave to .

A representative said in an emailed statement:

“The crypto ecosystem is facing significant headwinds as it corrects its course after last year’s challenges. To better balance product offerings with demand, we made the difficult decision to restructure the company by reducing operating costs and headcount.” had a staff of 280 at the beginning of 2021. The company said all affected employees received severance packages, the details of which vary by country.