Latest News by Industry
Cryptocurrency exchange Blockchain.com announced that it would lay off 25% of its workforce, or 150 people.
CoinDesk reported that the exchange would close its Argentina-based offices and cancel team expansion plans in several countries. Some 44% of the affected employees are in Argentina, 26% in the U.S., 16% in the U.K., and the rest in other countries, the company told CoinDesk.
The report mentioned that executive salaries and CEO compensation were also being reduced. Consumer revenue remained active and strong, while institutional revenue was flat and would need time to recover.
The laid-off employees would be offered severance benefits ranging from four weeks to 12 weeks, depending on the country. Job replacement assistance would be provided through a third party to UK and US employees.
Last month, Coinbase laid off 18% of its full-time workers amid a collapse in its stock and crypto prices.
Source - CoinDesk
Also Read: