BlockFi announced a staff cut of more than 850 employees by about 20%.
The founders of the company, Zack Prince and Flory Marquez, noted that since the first quarter of 2022, the macroeconomic environment has changed dramatically and there has been a decline in the stock and cryptocurrency markets.
“We are cutting headcount by about 20%, which affects every team in the company. This decision is driven by market conditions that have harmed our growth rate, as well as a careful review of our strategic priorities,” the founders of BlockFi said. They assured that customers would not experience “any significant disruption to the platform, products or services.”
“To our remaining 600+ colleagues, customers, partners, and stakeholders who have supported us around the world, we are determined to ensure that BlockFi is here for the long haul,” Prince and Marquez emphasized.
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In doing so, according to Reuters, the company hired a lobbying team of five from Arnold Porter.In February, BlockFi settled with the US Securities and Exchange Commission and state regulators, agreeing to pay $100 million in fines.