Exchange and cryptocurrency wallet operator Blockchain.com laid off ~150 employees (~25% of the total) and cut salaries of top executives. Representatives of the company reported this to CoinDesk.

The number of employees will return to the values ​​at the beginning of 2022.

Blockchain.com will close office in Argentina, suspend hiring in the US and UK.

Expansion plans to some countries have been frozen. Blockchain.com will reduce its corporate lending business, introduce a moratorium on mergers and acquisitions, the development of the gaming direction, and the NFT market.

According to the company’s website, its services are used by 37 million users from 200 countries. About a third of global bitcoin transactions go through the 83 million wallets open on the platform.

The company addressed the need to compensate for financial losses and adverse market conditions. Its representatives emphasized that Blockchain.com continues to generate high revenues.

The decisions came amid potential losses of $270 million previously awarded to the Three Arrows Capital hedge fund. The latter filed for bankruptcy.

In early July, Blockchain.com requested the liquidation of Three Arrows Capital.

In March 2022, Blockchain.com was valued at $14 billion.

Previously, CFO Makrina Kgil, public offering in 2023.

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