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Blockchain.com cuts 25% of staff, executive pay

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Blockchain.com is laying off 25% of its personnel to save costs in harsh market conditions.

Short News:
Blockchain.com has decided to let go of 25 percent of its workforce as a cost-cutting measure in response to the challenging market conditions.

According to CoinDesk, the exchange’s staffing would be reduced by 150 employees, bringing it back to where it was in January.

Sub:
“Blockworks asked Blockchain.com.”

The London-based exchange will close Three Arrows Capital’s Argentine headquarters and suspend global expansion. Argentina has 44% unemployment. The rest are in other countries.

All laid-off employees will receive severance money and job-search support in the US and UK. In addition, CEO Peter Smith’s remuneration will be lowered.

Smith told Blockworks that Blockchain.com is the smallest crypto company by headcount and that several firms spent unsustainable amounts on marketing during the current cycle.

Investors encouraged the exchange to spend more on marketing and develop quickly, but firms that did lose momentum.

Blockchain.com raised $490M in 7 rounds per Crunchbase. Kyle Bass, Vy Capital, Lightspeed invest. Bitcoin startup that laid-off workers during the market drop.

Gemini and BlockFi have each eliminated positions twice in two months, as have Coinbase, Crypto.com, Bullish, and Vault.

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