Crypto Lending Company Blockfi Cuts Staff by 20%
On Monday, the cryptocurrency lending company Blockfi announced that “market conditions” have had a “negative impact” on the firm’s business and it will be laying off “roughly 20%” of its staff. The message written by Blockfi co-founders Zac Prince and Flori Marquez follows a slew of well known crypto firms cutting back employees due to the bear market. Blockfi to Lay off ‘Roughly 20%’ of Its Workforce Digital currency values are not that hot these days, and the crypto economy slipped below the $1 trillion region on....
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BlockFi announced in a blog post Tuesday that it is letting go of a sizable number of staff: 20 percent of its total headcount, or around 170 to 200 employees. Zac Prince, the CEO of the crypto trading and lending platform, tweeted that the job cuts can be traced to a “dramatic change in macroeconomic […]
Binance, Ripple, and Kraken are hiring, while Coinbase, Gemini, and Crypto.com have announced staff cuts. Amid the recent volatility in the crypto market affecting investments and stock prices, many firms made significant staff cuts in the last month while others continued hiring.In June, major crypto exchange Gemini was among the first to reportedly cut 10% of its employees amid the bear market, saying conditions were “likely to persist for some time.” Coinbase and Crypto.com followed, announcing plans to reduce staff by 18% and 5%, respectively. Coinbase CEO Brian Armstrong also cited....
It appears that the current state of the digital market is hitting hard on the economy of certain crypto exchanges. The BlockFi cryptocurrency lending and exchange platform, Crypto.Com, and Gemini are a few examples to pinpoint. According to BlockFi’s blog post by its co-founders, Flori Marquez and Zac Prince, around 20% of its 850+ staff […]
The U.S. Securities and Exchange Commission (SEC) has charged cryptocurrency lending platform Blockfi in a first-of-its-kind action. The crypto lender has agreed to pay $100 million to settle the charges and pursue necessary registrations.
SEC Charges Crypto Lending Platform Blockfi
The U.S. Securities and Exchange Commission (SEC) announced Monday that crypto lending platform Blockfi has agreed to pay $100 million in penalties.
The SEC explained that “In this first-of-its-kind action,” it “charged Blockfi Lending LLC with failing to....
The crypto lender Blockfi detailed on Tuesday that the company secured a $250 million line of credit from FTX. Blockfi’s CEO Zac Prince announced on Twitter that the company will use the capital to bolster Blockfi’s “balance sheet and platform strength.”
Blockfi Obtains $250 Million Revolving Credit Line From FTX After Crypto Lending Firms Struggle With 2022’s Market Volatility
It’s been a rough year for crypto lenders due to digital assets losing significant value over the last few months. One lender, Celsius, has been accused of....