BlockFi Layoffs: 20% of Staff Cut Amid "Disastrous Market Conditions"

BlockFi, a prominent cryptocurrency lender offering instant loans for digital currency purchases, is the latest crypto firm to announce significant layoffs. The crypto lending platform BlockFi has decided to cut off 20% of its staff due to extremely tough market conditions. In an announcement to the company staff by Zac & Flori (CEO & Co-Founder) on Monday the financial services company has announced its decision to lay off 20% of its workforce.

BlockFi said Monday that it is laying off roughly 20% of its staff. This move comes as BlockFi tries to navigate through what it acknowledges could be a prolonged period of challenging economic circumstances. The current market situation has been really tough, and Blockfi made an announcement on Monday stating that the disastrous market conditions have had a highly negative impact on Blockfi’s business. As a result, it BlockFi laid off its workforce by a staggering 20%. The reduction ultimately impacts all teams within the organization.

In a blog post, penned by co-founders Zac Prince and Flori Marquez, the company outlined the difficult decision. BlockFi is firing 20% of its employees due to dramatic market conditions. The company is focusing on profitability ahead of what it acknowledges could be a prolonged downturn.

Based on the statements from the firm, it is possible Centralized crypto exchange and lending platform BlockFi joined Geminis, CryptoCom, and other digital asset firms in massively trimming its staff size in the light of the current economic climate.