The wave of layoffs in companies in the economy in general and in the blockchain in particular continues, after the start-up Crypto Blockchain.com announced the layoffs of 150 employees who make up 25% of the team, due to the difficult market conditions.
In addition, the company also announced the closure of its office in Argentina and the cancellation of plans to expand in a number of countries. Most of those laid off, about 44% of them come from Argentina while 26% come from the US and 16% from the UK.
Blockchain.com is one of many companies caught up in the fall of the Three Arrows Capital hedge fund, which filed for bankruptcy earlier this month after owing hundreds of millions of dollars to crypto companies including Celsius and Voyager Digital. Blockchain.com itself lent $ 3 $ 270 million in crypto to AC and expects not to see the amount back.
Blockchain.com, founded in 2012, is a crypto trading platform and digital wallet services. The company has previously claimed that it is responsible for almost a third of all bitcoin transactions through its wallet product. It was valued at $ 14 billion in a round of funding announced earlier this year.
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