Cryptocurrency exchange Blockchain.com has announced that it will close its Argentina-based offices and halt its plans to expand teams in several countries.
CoinDesk’s According to the information given by the Cryptocurrency Exchange, Blockchain.com hard bear market due to the conditions financial bottleneck It takes various measures to avoid it.
According to the information given by the company representatives, the company by raising funds financial devastating effects hopes to minimize. The firm is in its last financing round. Lightspeed Venture Partners led by, 14 billion had a dollar valuation.
Another precaution that the company will take in this process is Closing Argentina officeof its employees lay off 25% and in various countries cancel team expansion plans will be. Employees affected by layoffs 44% in Argentina, 26% in the USA, 16% in the UK and 26% work in the remaining offices.
The firm provides affected personnel with a period ranging from 4 weeks to 12 weeks, depending on their country. severance pay will give. Moreover United Kingdom and USA through a third party job change assistance will be presented. According to the news, the stock market 16 growing fast per month 150 from staff 600 reached the staff. However, a Blockchain.com staff According to the information given by the company, with these dismissals, the company the beginning of January in terms of the number of personnel returned.
The measures taken in financial management are the restrictionacquisitions and mergers stopping it happened. The firm’s expansion in the gaming industry stopped and the NFT market slowed down. In addition, all executive salaries and CEO compensation was dropped announced. The company representative stated that consumer incomes active and strong remains to be determined, but for the balance sheet to recover. time is needed expressed.
The main reason for the company to fall into the bottleneck is the free crypto money fund. He is said to have failed to repay his $270 million loan to Three Arrows Capital..