Large Scale Job Cuts From Crypto Giants Like Blockfi, Crypto.com, and Gemini

Crypto.com and the cryptocurrency lending platform BlockFi have announced their intention to eliminate a combined total of more than 400 positions, adding their names to the growing list of cryptocurrency enterprises wanting to slash employment. 

In a tweet over the weekend, Crypto.com CEO Kris Marszalek said that the company would be laying off approximately 5 percent of its workforce, equivalent to about 260 individuals. BlockFi announced that it would reduce employee numbers in another round of tweets published on Monday. 

Blockfi’s Chief Executive Officer, Zac Prince, stated that "about 20 percent" of its workforce will be let go, equivalent to approximately 170 workers.

After reaching a high point of over $3 trillion in November, the value of the cryptocurrency market has been steadily declining this year. Dropping by more than 12 percent on Monday, falling below $1 trillion in total market cap. The price of Bitcoin has been falling for 12 weeks in a row. This fall has created struggles for these companies so intertwined with the market, according to coinmarketcap.com.

Exchange Gemini, operated by the Winklevoss Twins - eliminated around ten percent of its staff, while other firms, like the Middle Eastern cryptocurrency exchange Rain Financial, said that they would be removing dozens of positions in a recent statement. 

Coinbase (COIN) said it would revoke certain employment offers and halt hiring to cut costs. Coinbase CEO Brian Armstrong even advised dissatisfied staff to leave the business in a series of tweets after an anonymous online petition calling for the removal of several senior officials from the cryptocurrency firm.

Author: Garrett Meifert

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