June 14, 2022

BlockFi to lay off some staff

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BlockFi to lay off some staff

Cryptocurrency platform BlockFi has reported a reduction in its workforce of more than 850 employees by around 20 per cent.

Founders Zack Prince and Flory Marquez noted that since the first quarter of 2022, the macroeconomic environment has changed dramatically and there has been a downturn in all equity and cryptocurrency markets. Therefore, to maintain profitability, BlockFi has taken several forced measures, including:

  • Reducing marketing costs;
  • Eliminating non-critical suppliers;
  • Reducing executive compensation;
  • Slowing down staff growth.

We are reducing headcounts by about 20%, which affects every team in the company. This decision is driven by market conditions that have had a negative impact on our growth rate, as well as a thorough review of our strategic priorities, said the founders of BlockFi.

They assured that the company's customers will not experience any significant disruption to the platform, products or services.

For our remaining 600 colleagues, customers, partners, and stakeholders who have supported us around the world, we are determined to ensure that BlockFi is here to stay for the long term, Prince and Marquez stressed

In doing so, according to Reuters, the company has hired a team of five lobbyists from the firm Arnold & Porter.

Recall that in February this year, BlockFi managed to settle with the US Securities and Exchange Commission and state-level regulators by paying $100m in fines.

Jack Evans

About the author

I became a crypto asset owner in 2014, when the industry was in its infancy. Before that, I was working in the classic US and European stock markets. Since then, I have gained extensive experience in both cryptocurrency investing and day trading. I am happy to share with readers my experience with crypto exchanges, DeFi and NFT instruments. 

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