Multiple crypto firms have announced plans to cut jobs as the digital currency market continues to decline, with its total value falling below $1 trillion on June 13.
BlockFi announced a reduction in its headcount by around 20 percent. CEO Zack Prince said in a June 13 tweet, “This is not a decision we take lightly.”
BlockFi grew from 150 employees at the end of 2020, to more than 850 employees. Prince pointed out that the company has been impacted by the “dramatic shift in macroeconomic conditions” causing its growth rate to suffer a “negative impact.”
Reducing the headcount is one of various ways the company plans to manage costs in order to be profitable….