BlockFi Offers Employees Buyouts to Further Reduce Headcount

Only one month after laying off a fifth of its workforce, cryptocurrency lender BlockFi is giving its employees a buyout plan to reduce its employment further. The business provides workers ten weeks of paid leave and ten weeks of health insurance as part of a “voluntary separation program” to quit. A company spokeswoman said that BlockFi began a “voluntary separation program to right-size the workforce,” given the present market scenario. She continued by saying that the company did not “take this shift lightly.” BlockFi and Sam Bankman-Fried’s Agreement BlockFi CEO Zac Prince has stated that everything has been going smoothly at BlockFi since signing the agreement with Sam Bankman-Fried’s FTX on July 1. Prince argued last week that the company should not be compared with its bankrupt former rivals, brokerage firm Voyager and lender Celsius. Additionally, he hinted that the corporation has “interesting stuff in the pipeline” and indicated that interest rates had increased in July after announcing its agreement with FTX.US at the beginning of the month. The latter would grant it a $400 million credit line, laying the groundwork for the lender to be acquired by FTX.US. BlockFi is slashing costs alongside other businesses in the cryptocurrency industry. The bankruptcy of rival loan company Celsius and the fall of Three Arrows Capital have significantly impacted the entire market.The post BlockFi Offers Employees Buyouts to Furth...