BlockFi Layoffs 2022: What to Know About BlockFi Bankruptcy, Job Cuts
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Let’s take a look at what traders and investors need to know.
The BlockFi Layoffs: What to Expect
Since BlockFi has confirmed its strong ties to FTX, speculation has been rising that the trading platform is on its way out. In a blog post yesterday, the company addressed the growing concern for its future, as well as the future of crypto. Per the post:
“There are a number of scenarios that may be available to us, and we are doing the work now to determine the best path forward. BlockFi has the necessary liquidity to explore all options and we have engaged expert outside advisors that are helping us navigate BlockFi's next steps.”
Whenever a company is facing such an uncertain future, layoffs are always a distinct possibility. And given how much the crypto sector has struggled in 2022, it wouldn’t be surprising for platforms like BlockFi to start reducing staff. Bitcoinist reports that BlockFi and Coinbase (NASDAQ:COIN) have been among the most negatively impacted companies in the sector. According to a study cited by the outlet, the two companies have lost 28,000 jobs between them over the course of the year.
While the future is still uncertain, both layoffs a bankruptcy are distinct possibilities for BlockFi. The platform hasn’t issued any direct statements on the pending job cuts but that could change at any time. Investors should watch carefully for news on the BlockFi layoffs as the crypto contagion continues to spread.
On the date of publication, Samuel O'Brient did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Samuel O’Brient has been covering financial markets and analyzing economic policy for three-plus years. His areas of expertise involve electric vehicle (EV) stocks, green energy and NFTs. O’Brient loves helping everyone understand the complexities of economics. He is ranked in the top 15% of stock pickers on TipRanks.
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