On Monday, the cryptocurrency lending company Blockfi announced that “market conditions” have had a “negative impact” on the firm’s business and it will be laying off “roughly 20%” of its staff. The message written by Blockfi co-founders Zac Prince and Flori Marquez follows a slew of well known crypto firms cutting back employees due to the bear market.
The message from Prince and Marquez adds:
We are reducing our headcount by roughly 20% and the reduction impacts every team at the company. This decision was driven by market conditions that have had a negative impact on our growth rate and a rigorous review of our strategic priorities.
On Monday, the Blockfi co-founders stressed that the decision was painful for Blockfi’s management. “Today is a painful day for Blockfi but more so for employees who we have to part ways with,” the blog post says. “We are doing everything in our power to treat all of our impacted colleagues with the empathy and compassion that they deserve.”
Despite the setback, Blockfi’s co-founders remarked that the company will be sticking around for a long time. “For our remaining 600+ colleagues and our clients, partners, and stakeholders who have supported us worldwide – we are steadfast in our commitment to ensure Blockfi is here for the long haul,” the co-founders said.
What do you think about Blockfi laying off 20% of its workforce due to the market conditions having a negative impact on the startup? Let us know what you think about this subject in the comments section below.