Blockchain.com is laying off 25% of its workforce in order to cut expenses during tough market conditions, the company said on Thursday. The news was first reported by CoinDesk, which said around 150 employees will lose their jobs, taking the exchange’s headcount to the same level it was at the start of the year. A Blockchain.com spokesperson confirmed the report when contacted by Blockworks. The London-based exchange, which is reportedly owed $270 million from embattled hedge fund Three Arrows Capital, will also wind down offices in Argentina and drop plans to expand in multiple countries. A majority of employees affected are based in Argentina, with 44% of the job cuts happening there. 26% are based in the US, while 16% are in the UK, with the remaining located in other countries. All laid-off employees will be offered severance benefits ranging from four to 12 weeks and third-party assistance to find another job for employees in the US and UK. Compensation for CEO Peter Smith and company executives will also be whittled down.
Full story : Blockchain.com Cuts 25% of Its Workforce Amid Crypto Bear Market.