Jersey City, New Jersey BlockFi, a financial services company specializing in crypto-based financial products and services, including a product to allow holders of cryptocurrencies to earn interest, has announced a reduction in force.
The reduction in force will impact 20% of the company's workforce, an estimated 150+ employees.
According to BlockFi CEO Zac Prince, "BlockFi has been hurt by the 'dramatic shift in macroeconomic conditions' which have had a 'negative impact' on growth."
No mention of the fines and penalties levied by federal and state regulators. The company is under scrutiny by regulators, including the Securities and Exchange Commission, and state regulators in Iowa, Texas, New Jersey, Alabama, Kentucky, and Vermont, alleging that BlockFi offered unlicensed securities at the state or federal level.
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?