Crypto lending platform BlockFi has announced that it will cut its more than 850 employees by around 20%.

The company’s founders, Zack Prince and Flory Marquez, noted that since the first quarter of 2022, the macroeconomic environment has changed dramatically, with stock and cryptocurrency markets plummeting. To maintain profitability, BlockFi has taken a number of measures, including:

• reduction of marketing costs;
• elimination of non-critical suppliers;
• lowering the wages of managers;
• slowdown in staff growth.

“We are reducing the number of staff that affects every team in the company by about 20%. BlockFi’s founders said this decision was due to a careful review of our strategic priorities, as well as market conditions that negatively impacted our growth rate.

They ensured that customers would not experience “significant disruption to the platform, products or services.”

“To our more than 600 employees, customers, partners and stakeholders who support us around the world, we are committed to ensuring that BlockFi is here for the long haul,” said Prince and Marquez.

In doing so, the company hired a lobbying team of five from Arnold & Porter, according to Reuters.

In February, BlockFi agreed to pay a $100 million fine in agreement with the U.S. Securities and Exchange Commission and state regulators.

Recall that in June the media said that the company is preparing to close a new funding round of $ 1 billion instead of the previously planned $ 5 billion.