BlockFi Plans to Lay Off 1/5 of its Workforce

Cryptocurrency lending platform BlockFi has announced it plans to lay off about 20% of its 850 employees.

The founders of the company, Zack Prince and Flory Marquez, have noted that since Q1 2022, the macroeconomic environment has changed dramatically and there has been a decline in the stock and cryptocurrency markets.

To maintain profitability, BlockFi has taken a number of measures, including the reduction of marketing costs, the elimination of non-critical suppliers, the decrease in remuneration of managers and the slowdown in headcount growth.

The company founders have said:

“We are cutting headcount by about 20%, which affects every team in the company. This decision is driven by market conditions that have had a negative impact on our growth rate, as well as a careful review of our strategic priorities.”