fbpx
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA
Saturday, April 1, 2023
Online Crypto College
CREATE FREE ACCOUNT
  • Home
  • Live Crypto Prices
  • Crypto News
    • Bitcoin
    • Altcoin
    • Blockchain
    • Regulation
    • Trading
  • Learn Crypto For Free
  • Login
No Result
View All Result
  • Home
  • Live Crypto Prices
  • Crypto News
    • Bitcoin
    • Altcoin
    • Blockchain
    • Regulation
    • Trading
  • Learn Crypto For Free
  • Login
No Result
View All Result
Online Crypto College
No Result
View All Result

BlockFi cutting 20% of staff to prioritize profitability goal

June 13, 2022
in Altcoin
Reading Time: 2 mins read
A A
BlockFi cutting 20% of staff to prioritize profitability goal
ShareShareShareShareShare
? Want to work with us? CryptoSlate is hiring for a handful of positions!

Cryptocurrency lending platform BlockFi became the fourth crypto company to downsize in order to survive the current market by announcing that it will let 20% of its staff go.

BlockFi had more than 850 personnel before the downsizing decision, according to a June 13 blog post, which means more than 170 were fired.

The company attributed the downsizing to the negative changes in the macroeconomic environment and said:

“Our number one goal has been to achieve profitability so that we can own our destiny as we navigate what many expect to be an extended global recession.”

BlockFi also said it has been reducing marketing expenses and executive compensation, eliminating non-critical vendors, and slowing down hiring processes.

According to the announcement, BlockFi will also connect the staff they let go with the company’s partners who may be interested in hiring.

Firing spree in the cryptosphere

BlockFi became the fourth crypto company to let its staff go.

The firing spree started with the crypto exchange platform Gemini when it announced it will let 10% of its staff go to survive the crypto winter on June 2, 2022.

Coinbase followed Gemini’s footsteps two days later by un-hiring new recruits and suspending the hiring processes on June 4, 2022.

Finally, on the same day as BlockFi, Crypto.com also announced that it is downsizing by 5% and letting 260 people go.

All four companies said they were reluctantly taking these decisions so they could survive in the current market conditions.

Binance is the outlier

While the firing trend is spreading across crypto companies, Binance said it is doing well enough to increase its headcount.

Binance’s CEO Changpeng Zhao recently spoke at the Consensus 2022 Conference and said:

“We have a very healthy war chest, we in fact are expanding hiring right now. If we are in a crypto winter, we will leverage that, we will use that to the max. […] we’re kicking into high gear in terms of M&A activity.”

He said Binance doesn’t feel the need to downsize because they didn’t spend much on expensive commercials or partnerships.

Referring to Crypto.com’s expenses, Zhao said:

“During bull markets, everyone’s starting their own projects, everyone’s paying everyone ridiculous compensation,”

Posted In: DeFi, Exchanges

Get an Edge on the Crypto Market ?

Become a member of CryptoSlate Edge and access our exclusive Discord community, more exclusive content and analysis.

On-chain analysis

Price snapshots

More context

Join now for $19/month Explore all benefits

Credit: Source link

Related articles

Kraken sponsors F1 car with Bitcoin whitepaper

Kraken sponsors F1 car with Bitcoin whitepaper

April 1, 2023
Binance.US transitioning to new bank providers; briefly affecting deposits, withdrawals

Binance.US transitioning to new bank providers; briefly affecting deposits, withdrawals

March 31, 2023
ShareTweetSendPinShare
Previous Post

‘Vacuum’ on crypto regulation opens door to influencers

Next Post

Tron’s Stablecoin USDD Falls to $0.97, USDC Deployed to Defend the $1 Parity – Bitcoin News

Related Posts

Kraken sponsors F1 car with Bitcoin whitepaper

Kraken sponsors F1 car with Bitcoin whitepaper

April 1, 2023

Ad Crypto exchange Kraken has sponsored a Formula 1 (F1) sports car featuring a section of the Bitcoin whitepaper, as...

Binance.US transitioning to new bank providers; briefly affecting deposits, withdrawals

Binance.US transitioning to new bank providers; briefly affecting deposits, withdrawals

March 31, 2023

Ad Binance.US said in a status update on March 31 that some deposit and withdrawal options will be temporarily unavailable...

Bittrex to halt US operations by end of April

Bittrex to halt US operations by end of April

March 31, 2023

Ad Bittrex, a notable cryptocurrency exchange, said that it plans to voluntarily halt U.S. operations in an email sent to...

More than 50% of Bitcoin mining uses renewable energy

More than 50% of Bitcoin mining uses renewable energy

March 31, 2023

Ad The majority of power used in Bitcoin mining comes from renewable energy sources, according to research by ESG analyst and...

How High Can DOGE Go in April 2023?

How High Can DOGE Go in April 2023?

March 31, 2023

With recent events causing turmoil, many people are interested in predicting the price of Dogecoin (DOGE). As the first-ever meme...

Load More
Next Post
Tron’s Stablecoin USDD Falls to $0.97, USDC Deployed to Defend the $1 Parity – Bitcoin News

Tron's Stablecoin USDD Falls to $0.97, USDC Deployed to Defend the $1 Parity – Bitcoin News

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

FTX EU opens European withdrawals website

FTX EU opens European withdrawals website

March 31, 2023
Can Dogecoin Reach Its Previous ATH? Let’s Take A Look At The Facts

Can Dogecoin Reach Its Previous ATH? Let’s Take A Look At The Facts

March 31, 2023
Australia Seeks To Accelerate Regulation Of Crypto Sector

Australia Seeks To Accelerate Regulation Of Crypto Sector

March 29, 2023
entity links IPs to BTC and XMR transactions, bitcoin developer

entity links IPs to BTC and XMR transactions, bitcoin developer

March 31, 2023
SBF hoarded too much data for the FBI to handle

SBF hoarded too much data for the FBI to handle

March 31, 2023

About Us

We provide the latest crypto news, trading tools, and up-to-date education to students and traders all over the world.

ENROLL FOR FREE

Latest Crypto Headlines

  • Bittrex Bids Farewell to US Crypto Market Amid Regulatory Turmoil
  • Avalanche Launches Avaissance to Boost NFT Ecosystem
  • Can Dusk Network Address The Challenges Posed By The Data…
  • FTX EU Launches Website for Customer Withdrawal Requests
  • Matt Damon Shares Story Behind His Crypto Commercial – Featured Bitcoin News
  • Home
  • Live Crypto Prices
  • Crypto News
    • Bitcoin
    • Altcoin
    • Blockchain
    • Regulation
    • Trading
  • Learn Crypto For Free
  • Login
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2022 - OnlineCryptoCollege.com - All rights reserved!

No Result
View All Result
  • Home
  • Live Crypto Prices
  • Crypto News
    • Bitcoin
    • Altcoin
    • Blockchain
    • Regulation
    • Trading
  • Learn Crypto For Free
  • Login

© 2018 JNews by Jegtheme.

  • bitcoinBitcoin(BTC)$28,462.001.85%
  • ethereumEthereum(ETH)$1,826.721.69%
  • USDEXUSDEX(USDEX)$1.07-0.53%
  • tetherTether(USDT)$1.00-0.02%
  • binancecoinBNB(BNB)$315.17-0.60%
  • usd-coinUSD Coin(USDC)$1.000.05%
  • rippleXRP(XRP)$0.51-5.30%
  • cardanoCardano(ADA)$0.3913250.87%
  • staked-etherLido Staked Ether(STETH)$1,819.631.55%
  • dogecoinDogecoin(DOGE)$0.0765842.51%
  • matic-networkPolygon(MATIC)$1.111.66%
  • solanaSolana(SOL)$21.043.25%
  • polkadotPolkadot(DOT)$6.281.32%
  • binance-usdBinance USD(BUSD)$1.00-0.19%
  • litecoinLitecoin(LTC)$93.115.18%
  • shiba-inuShiba Inu(SHIB)$0.0000112.20%
  • tronTRON(TRX)$0.0665821.60%
  • avalanche-2Avalanche(AVAX)$17.682.49%
  • daiDai(DAI)$1.00-0.03%
  • uniswapUniswap(UNI)$6.163.08%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$28,452.001.93%
  • chainlinkChainlink(LINK)$7.561.52%
  • ToncoinToncoin(TON)$2.267.40%
  • cosmosCosmos Hub(ATOM)$11.12-0.05%
  • leo-tokenLEO Token(LEO)$3.38-1.87%
  • stellarStellar(XLM)$0.108118-1.00%
  • ethereum-classicEthereum Classic(ETC)$20.582.02%
  • moneroMonero(XMR)$156.590.09%
  • okbOKB(OKB)$41.890.98%
  • Aerarium FiAerarium Fi(AERA)$7.15-13.10%
  • bitcoin-cashBitcoin Cash(BCH)$125.022.58%
  • filecoinFilecoin(FIL)$5.672.80%
  • hedera-hashgraphHedera(HBAR)$0.0708461.04%
  • lido-daoLido DAO(LDO)$2.404.00%
  • true-usdTrueUSD(TUSD)$1.00-0.02%
  • AptosAptos(APT)$11.20-0.57%
  • quant-networkQuant(QNT)$124.38-0.41%
  • crypto-com-chainCronos(CRO)$0.0691751.71%
  • nearNEAR Protocol(NEAR)$1.983.14%
  • ArbitrumArbitrum(ARB)$1.33-2.44%
  • vechainVeChain(VET)$0.0232442.05%
  • algorandAlgorand(ALGO)$0.2225140.56%
  • apecoinApeCoin(APE)$4.222.74%
  • internet-computerInternet Computer(ICP)$5.131.06%
  • eosEOS(EOS)$1.191.28%
  • fantomFantom(FTM)$0.4662682.29%
  • the-graphThe Graph(GRT)$0.1438231.02%
  • blockstackStacks(STX)$0.911.46%
  • the-sandboxThe Sandbox(SAND)$0.631.75%
  • decentralandDecentraland(MANA)$0.592.96%