BlockFi, the Peter Thiel-backed crypto lending start-up, cuts 20% of its staff as bitcoin plunges
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BlockFi is cutting around 20% of its staff as the company reckons with a dramatic downturn in digital currencies and heightened concerns about a weakening economy. CEO Zac Prince said BlockFi has been impacted by the "dramatic shift in macroeconomic conditions," which have had a "negative impact" on growth. Bitcoin is down by almost half this year after plunging 15% on Monday, while ethereum has lost two-thirds of its value in 2022. The crypto market has fallen below $1 trillion, down from $3 trillion at its peak in Nov. 2021, according to a report last week. BlockFi's main goal is "to achieve profitability" and that the company is "here for the long haul," Prince tweeted. Source