BlockFi and Crypto.com are drastically reducing their staff
BitCoin has fallen off the cliff and has been followed by other cryptocurrencies such as Ethereum
BlockFi, a cryptocurrency trading and lending platform, announced via a blog on Monday that it is laying off some 180 employees, or 20% of its 800-strong workforce. Zac Prince, one of the company’s leaders, assures that this is due to “dramatic changes” in macroeconomic conditions.
On Friday, Crypto.com announced that it is going to lay off 5% of its workforce, that is 260 employees who will leave. Also, layoffs will surely continue in the future. Crypto is one of the most important companies in terms of cryptocurrencies.
The layoffs come at a time when the cryptocurrency market as a whole is struggling. The value of Bitcoin and Ethereum have been falling throughout Monday morning, and Celsius, a lending platform, has halted withdrawals of these assets due to “extreme market conditions.” Cryptocurrencies have collapsed to such an extent that they have become worth half of what they were worth just a few months ago.