Crypto exchange Blockchain.com cuts 25% of its workforce, halts expansion

Leading cryptocurrency exchange Blockchain.com has laid off 25 per cent of its workforce, nearly 150 employees, amid the global economic meltdown.

The digital assets trading firm said it will shut its Argentina-based offices and halt its expansion plans globally, reports CoinDesk.

Severance benefits ranging from four weeks to 12 weeks will be offered to those who are laid off, said the crypto platform.

The company, which recently disclosed a $270 million shortfall from lending from now-bankrupt hedge fund Three Arrows Capital, said the decision to cut the workforce is taken amid “harsh bear market conditions and the need to absorb financial losses”.