Blockchain.com Lays Off 28% of Workforce

Cryptocurrency brokerage Blockchain.com said it's laying off 28% of its workforce, or about 110 employees.

A Blockchain.com representative said, “To better balance product offerings with demand, we’ve made the difficult decision to reduce operating costs and headcount to rightsize the company."

All impacted employees are receiving severance packages, the details of which vary by country, the company said.

Previously, Blockchain.com was forced to cut about 150 staff in July 2022, as the firm grappled with a $270 million hit on loans it made to failed hedge fund Three Arrows Capital.