BlockFi, Crypto.com lay off hundreds as global crypto market crashes

Crypto trading and lending exchanges BlockFi and crypto.com have laid off hundreds of employees after the global crypto market was battered owing to a “dramatic shift” in macro-economic conditions.

BlockFi CEO Zac Prince said that the company is reducing headcount by roughly 20 per cent and the reduction impacts every team at the company.

“This decision was driven by market conditions that have had a negative impact on our growth rate and a rigorous review of our strategic priorities,” he said in a statement late on Monday.

The 20 per cent workforce reduction will result in laying off 170 to 200 people from its 850-strong staff.