Blockchain.com, a crypto firm, announced it will lay off 25% of its employees and close down its office in Argentina after 3AC filed for bankruptcy. Like many other firms, Blockchain.com also lent $270 million in crypto to 3AC; which it failed to pay back, causing a big loss.
The crypto bear market that drowned most crypto firms also took Blockchain.com down. Three Arrows Capital was once a leading crypto company that was linked to almost every existing crypto firm in the industry, so the fall of the company cost the whole DeFi industry to be affected.
Blockchain.com dismissed 150 roles from its firms. According to CNBC, the crypto startup laid off 44% of Argentinian employees due to the office closing down, while 26% of U.S and 16% of UK employees were also dismissed this Thursday.
The crypto firm shared that it is trying to recover from the loss and the dismissal of roles was essential to save from more loss. Blockchain.com also discontinued its plans for global expansion.
Other than Blockchain.com, OpenSea, Coinbase, Bullish.com, Celsius Network, Banxa, Unicorn 2TM, Rain, Gemini, and BitMEX are some of the few crypto companies that have laid off their employees due to the bear market loss.