The organization will be also cracking down on its executives and CEO by reducing compensations and salaries.
Blockchain.com, a Luxembourg-based crypto exchange founded in 2011, has recently revealed that it would be laying off 25% of its employees, citing the current crypto bear market.
According to the official announcement, the crypto giant will be reducing its headcount by roughly 150 workers as it needs to soak up financial losses during the ongoing cryptopocalypse. Likewise, the company is planning to reduce CEO compensations and executive wages by an undisclosed amount.
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The news arrives after the company significantly expanded its employee count in the past year, growing from 150 to over 600 employees in only 16 months. On top of that, one of the oldest companies in the crypto industry has already started shutting down offices in Argentina.
Blockchain.com mentioned that it will be offering support for people who were affected by the layoff, including job replacement assistance and other unspecified perks, for up to 12 weeks.
In fact, Blockchain.com is not alone in such an endeavor, as a number of big crypto-driven companies are cutting a significant chunk of their staff, including Coinbase, Huobi Global, Banxa, Gemini, Robinhood, Bybit, and Crypto.com.
However, it seems as though the fact that bears are still reigning supreme in the crypto market hasn't fazed some crypto titans. For instance, the world's largest crypto exchange Binance recently mentioned that it would be welcoming around 2000 new employees, while its rival Kraken also accelerated its hiring process to employ 500 additional workers.
