{"id":48700,"date":"2022-06-14T17:07:12","date_gmt":"2022-06-14T15:07:12","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=48700"},"modified":"2022-06-14T17:07:12","modified_gmt":"2022-06-14T15:07:12","slug":"blockfi-lays-off-20-employees-after-market-degradation","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/blockfi-lays-off-20-employees-after-market-degradation\/","title":{"rendered":"BlockFi Lays Off 20% Employees After Market Degradation"},"content":{"rendered":"

The world economy has been affected considerably<\/strong> over the course of the last couple of years. Since the coronavirus pandemic<\/strong>, the global economic structure saw a massive degradation<\/strong>. Around this time, things have actually taken a drastic turn<\/strong> for investors and businesses. As a result of deteriorating macroeconomic conditions<\/strong>, many organizations have taken the tough decision of slicing down their workforce<\/strong>. BlockFi<\/strong> has unfortunately made a similar decision recently.<\/span><\/p>\n

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BlockFi laid off<\/strong> its workforce by a staggering 20%<\/strong>. The reduction ultimately impacts all teams within the organization<\/strong>. Based on the statements from the firm, it is possible to assume that this move had to be carried out as a result of negative<\/a> market conditions<\/strong> that inversely impacted<\/strong> the growth of the organization.<\/span><\/p>\n

In the released<\/span> blog post<\/a><\/strong>, BlockFi stated that it believes the laid-off employees were skilled and fully committed<\/strong> to their work. The organization says that it is very difficult<\/strong> to let them go. In an effort to help them out, BlockFi stated that their people\u2019s team<\/strong> would link the laid-off employees with the firms that are looking to hire new employees<\/strong>.<\/span><\/p>\n

\"degrading<\/p>\n

Journey of BlockFi Over the Years<\/span><\/h2>\n

BlockFi was set up around 5 years ago<\/strong> for the provision of crypto-based loans<\/strong>. Ever since then, BlockFi has managed to expand<\/strong> considerably. It offers services of investing, borrowing, earning, and paying<\/strong>. All of this supports around 650,000 clients<\/strong> from around the globe efficiently. On the other hand, the organization also managed to introduce its institutional business<\/strong> that mainly focuses on the provision of financing, trade executions, and private client services<\/strong> to a considerable number of renowned institutions around the globe.<\/span><\/p>\n

Over the years, BlockFi has commented that its biggest strength<\/strong> has always been the people that work for the firm. The firm mentions how it only had a mere 150 employees<\/strong> by the end of 2020<\/strong>. Later, things took a turn after the boom of the crypto market, and the workforce of the organization reached a total of 850<\/strong>.<\/span><\/p>\n

However, the macroeconomic conditions<\/strong> started to deteriorate. BlockFi was always keen on maximizing its profit opportunities<\/strong>, but considering the setbacks<\/strong>, it seemed impossible considering the dire situation<\/strong>. Taking important steps to ensure profitability<\/strong> was inevitable. <\/span><\/p>\n

Therefore, cutting their workforce down by 20%<\/strong> was also among the difficult steps taken by the organization. Even with the remaining 600+ employees<\/strong>, BlockFi hopes to offer its clients the same high-level, uninterrupted services<\/strong>. The organization puts faith<\/strong> in its skilled employees.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The world economy has been affected considerably over the course of the last couple of years. Since the coronavirus pandemic, the global economic structure saw a massive degradation. Around this time, things have actually taken a drastic turn for investors and businesses. As a result of deteriorating macroeconomic conditions, many organizations have taken the tough … <\/p>\n

Read more<\/a><\/p>\n","protected":false},"author":22,"featured_media":48701,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[102,84,74],"tags":[5185,4656,5001],"_links":{"self":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/48700"}],"collection":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/comments?post=48700"}],"version-history":[{"count":0,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/48700\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media\/48701"}],"wp:attachment":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media?parent=48700"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/categories?post=48700"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/tags?post=48700"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}