BlockFi announces second wave of layoffs
The platform initiated a “voluntary separation program” to bring the company in line with current market conditions
19.07.2022 - 15:40
330
2 min
0
What’s new? BlockFi's online platform announced a second round of layoffs, Decrypt writes, citing its own sources. This comes a month after a 20% reduction in staffing. BlockFi has reportedly initiated a “voluntary separation program” for employees to bring the company in line with current market conditions.
What is known about the program? An anonymous source said that BlockFi is offering employees 10 weeks paid leave and 10 weeks of health insurance if they voluntarily terminate their contracts. The company also claims that they would then be able to claim unemployment benefits.
Earlier, the US division of the cryptocurrency exchange FTX entered into an agreement with BlockFi, under which the platform would be granted a revolving loan of $400 million with the possibility of redemption at a price of up to $240 million, depending on the economic indicators.
On July 18, it was reported that cryptocurrency exchange Gemini held a second round of layoffs a month and a half after cutting 10% of its staff. The platform laid off another 7% of employees due to “extreme cost cutting.”
Other crypto projects are laying off employees amid the downturn in the digital asset market. Thus, the mining company Compass Mining laid off 15% of its staff, and NFT-marketplace OpenSea will reduce its staff by 20%. Crypto exchanges Coinbase and Huobi cut 18 and 30% of employees respectively, and trading platform Bitpanda — more than 70%.
Useful material?
Incidents
Roger Ver has been accused of not paying taxes
May 1, 2024
Mining
After the publication of the financial report, the company’s shares added 5%
Apr 30, 2024
Market
The commission had previously warned the developer of potential enforcement actions
Apr 29, 2024
Market
Funds can be seized by law enforcers due to links to illegal activity
Apr 26, 2024
Market
Tether Finance division will be responsible for the issuance and redemption of USDT stablecoins
Apr 18, 2024
Trends
The first project introduced on the platform will be BounceBit (BB)
Apr 18, 2024