The cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. is the latest to announce measures to reduce its workforce amid falling market an area or arena, online or offline, in which commercial dealings are conducted. prices.
- Blockchain.com lays off 150 workers.
- Will close refers to the closing price; similar to the same term used in stock trading. its office in Argentina and halt its expansion plan
- The exchange is not alone, others have also announced cuts.
The digital digital technologies are these electronic tools that have the ability to generate, store or even process data. asset company, Blockchain.com is taking steps to reduce its staff due to the market turmoil.
According to a informe de CoinDesk the exchange is opting to cut 25% of its workforce, which is the equivalent of about 150 employees . Blockchain.com indicated that the decision was based on the harsh bear someone who believes that prices in a given market will decline over an extended period. Such a person might be referred to as “bearish.” market conditions and the need to absorb financial losses related to the consequences of the collapse ofThree Arrows Capital capital is most commonly defined as the large sum of money you would use to invest. (3AC).
Un previous report of that news outlet had revealed earlier this month that the company has a USD$270 million deficit due to loans made to the beleaguered crypto-fund.
No more expansion to Latin America
But downsizing isn’t the only measure the exchange is taking in the face of the current cryptocurrency price slump. Blockchain.com also said it will reduce executive salaries and CEO compensation as it prepares to curb its expansion and growth efforts.
Después de anunciar su expansión a América Latina a finales del año pasado, la firma ha decidido revertir estos planes. Como informó DiarioBitcoin the exchange announced in December the acquisition of the argentine investment platform a place to buy, sell and store cryptocurrency Partner with the aim of opening offices in Argentina , Brazil , Chile , Colombia y Mexico. The CEO, Peter Smith had said at the time that the region represented “one of the biggest growth opportunities in crypto over the next decade.”
Blockchain.com is now closing its office in Argentina and is cancelling plans to expand into several countries. The company said it currently sees more opportunities in Europe, the United States and Africa, where there is more active demand. . According to the report, Almost half of the layoffs are of employees based in Argentina. .
The exchange is also scaling back its institutional lending business and reported that it will suspend all mergers and acquisitions activity, slow down work in its market for tokens (NFT) and stop their forays into gaming.
Joins the wave of layoffs
It should be noted that the company had spent the last year driving a growth strategy. Blockchain.com had grown from 150 to over 600 employees and was exploring the gaming and NFT non-fungible tokens (NFTs) are cryptocurrencies that do not possess the property of fungibility. space. Also had advanced last year plans to begin trading on the U.S. stock exchange in 2023. The most recent reports do not mention anything about these plans.
The firm had reached a valuation of more than USD $10 billion in March this year, after closing a Series D round of fundraising, as remember The Block a file containing information on transactions completed during a given time period. Blocks are the constituent parts of a blockchain..
Blockchain.com is far from being the only company in the industry to be affected by the so-called “ cryptowinter “. In the midst of the bearish season, many high-profile companies, including the exchanges Gemini, Coinbase is an American company that operates a cryptocurrency exchange platform. y Crypto.com have announced layoffs as a way of dealing with the situation. More recently, the NFT market OpenSea also joined this list.
The price pullback in the cryptomarket has also seen several digital currency currency is a medium of exchange that defines value. trading and lending platforms halt withdrawals and other companies declare bankruptcy.
- Coinbase addresses insolvency rumors, says it has no exposure to Celsius, 3AC and Voyager
- Zipmex is latest cryptocurrency exchange to freeze withdrawals citing volatility a statistical measure of dispersion of returns, measured by using the standard deviation or variance between returns from that same security or market index.
- While others announce layoffs, Spanish exchange Bit2Me to increase its workforce and move forward with acquisitions
Article by Hannah Estefania Perez / DiarioBitcoin
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