Blockchain.com cuts 25 % of the workforce and shortens the remuneration of managers

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Von: Krypto News Österreich

  • CEO Peter Smith said Blockworks in the past month that many crypto companies would have issued unsustainable
  • Smith and other managers will accept salary cuts

blockchain.com releases 25 % of his workforce to reduce expenses under difficult market conditions, the company announced on Thursday.

The message was first reported by Coindesk 150 employees will lose their workplace, which will bring the number of employees of the stock exchange to the same level as at the beginning of the year.

A spokesman for blockchain.com confirmed the report when he contacted Blockworks.

The stock exchange based in London is supposedly the company, the 270 million US dollar from the competitive hedge fund arrows arrows capital is also dissolve his offices in Argentina and give up its expansion plans in several countries. A large part of the employees concerned works in Argentina, 44 % of the job cuts take place there. 26 % are based in the USA, 16 % in Great Britain and the rest in other countries.

All dismissed employees are offered severance payments between four and 12 weeks and support by third parties in the search for another job for employees in the USA and Great Britain. The remuneration for CEO Peter Smith and the company's managers are also shortened.

Smith recently said in an interview that Blockchain.com is the smallest crypto company of its kind in terms of the number of employees and that many companies in the current cycle have spent intolerable amounts of up to $ 800 million for marketing costs. The investors of the stock exchange had urged them to spend more for marketing and grow quickly, he added and found that companies that carried out such a strategy lost to the ground.

blockchain.com was founded in 2011 and collected a total of $ 490 million in 7 donations. crunchbase-daten indicates. Existing investors include Baillie Gifford, Kyle Bass, Vy Capital, Lightspeed Venture Partners and the Digital Currency Group. It is part of several hard -working cryptocurrency companies that had to reduce their number of employees during the latest market depressing.

Coinbase, Crypto.com, Bullish and Vauld all recently dismantled personnel, while Gemini and Blockfi both deleted positions for the second time.

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The contribution blockchain.com is reducing 25 % of the workforce, cuts in the remuneration of managers is not financial advice.