Crypto.com and BlockFi Cut Staff Strength Amidst Bearish Market Trend

The CEOs of Crypto.com and BlockFi have announced staff reductions in individual statements. The development follows suit with other crypto firms that have also been laying off staff. Staff cut across the board is a result of the persisting bearish condition in the crypto market. 

Inside Crypto.com

Crypto.com CEO, Kris, took to his Twitter page to address some questions to his over 184,000 followers. The CEO said there are questions and speculations going around concerning what the platform is up to. Especially while the crypto market is going through turbulent times.

Kris reminded his followers that some of them have been with the Crypto.com firm since 2016-17. Those set of users has seen how the firm built up steadily through every phase. And they saw how the firm sustained itself through the crypto winter of 2018-19.

The conviction and focus Crypto.com had through the bearish market made the firm one of the fastest-growing ones in 2021, Kris said. This was despite the fact that crypto naysayers were out in a full swing. Crypto.com attained a 50 million users milestone in the same period of time.

Kris went ahead to state that the firm is going to re-adopt the same strategies this time around. The firm’s approach is to remain focused on executing along with its roadmap and optimize for profit. 

This would require the firm to make quite difficult but necessary decisions. This will ensure that the firm continues and is sustained for a long time to grow. One of the means is, therefore, by reducing the staff count by about 5%.

Kris said Crypto.com will keep exploring how best to optimize resources to position it as the strongest builder in this cycle. The result will, thus, make the firm the biggest winner when the bullish run returns to the market.

Kris said the market is going to turn and when that happens, the firm will be ready to latch on to growth.

Inside BlockFi

In BlockFi, on the other hand, the founders, Zac Prince and Flori address the staff through a post on the firm’s site. The duo said the firm has been through a lot of tough days in times past but Monday was the hardest.

They said BlockFi has been affected by the shifts going on in the macroeconomy, much as every other company in the tech industry. The need to reduce BlockFi’s staff count amounts to being in a guy-wrenching situation. 

The statement said BlockFi is cutting down its staff strength by about 20% and the development affects every team. However, it had to be done as market conditions have a negative impact on the firm’s growth and strategic positions. 

In the same vein, the founders acknowledge that those been let go are some of the best in crypto and fintech. While at the same time, they recommend those employees highly to anyone hiring in the industry.

As a means of sustaining BlockFi further, the firm has taken further actions such as

• Cutting down on marketing cost
• Doing away with non-essential vendors
• Cutting down on compensation for executives, and
• Reducing recruitment.