Blockchain.com Lays Off 25% of Workforce: Crypto Winter Bites

Cryptocurrency exchange Blockchain.com is laying off one-quarter of its workforce, impacting approximately 150 employees. This decision makes them the latest business in the digital-assets sector to scale back following a sharp market downturn. Blockchain.com has become the latest crypto company to announce mass layoffs.

Earlier today, the exchange said it was cutting its workforce by 25%, a move affecting around 150 individuals. Like other crypto companies that have lowered headcounts in the wake of the current market condition, crypto exchange Blockchain.com is letting go of 25% of its entire workforce to navigate the challenging economic climate.

New Delhi: Leading cryptocurrency exchange Blockchain.com has laid off 25 percent of its workforce, nearly 150 employees, amid the global economic meltdown. This comes as no surprise given the recent struggles within the crypto market.

Since the inception of the current bear market, more crypto firms have been laying off their staff to keep their businesses afloat, and the crypto exchange, Blockchain.com, has now enlisted its name to the list.

CEO Peter Smith told Blockworks last month that many crypto firms spent unsustainably during the bull market. To address the current situation, Smith and other executives will take compensation cuts. Blockchain.com is taking these steps to ensure its long-term viability amidst the ongoing "crypto winter." Cryptocurrency exchange Blockchain.com is cutting 25% of its workforce, equating to about 150 people.