Cryptocurrency exchange Blockchain.com is cutting 25% of its workforce, equating to about 150 people, the firm said on Thursday. The company cited the harsh bear market conditions and the need to absorb financial losses. The exchange recently revealed it was dealing with a $270 million shortfall from lending to beleaguered hedge fund Three Arrows Capital.
Blockchain.com, which is one of the oldest firms in the crypto industry, is also shrinking its institutional lending business, halting all M&A, placing a pause on efforts to expand gaming and slowing its non-fungible token (NFT) marketplace.
Blockchain.com said it would be closing down its Argentina-based offices and canceling team expansion plans in several countries. Some 44% of the impacted employees are in Argentina, 26% in the U.S., 16% in the U.K., and the remaining from the rest of the world, the company said.
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