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Although 2019 has dawned, the crypto “nuclear winter” of yesteryear has yet to entirely abate. Just weeks after Bitmain, ConsenSys, ShapeShift, Huobi, among other Bitcoin-related startups, cut a number of their staff, Blockfolio, which manages one of the most used applications in the industry, also had to wave goodbye to talent.
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Blockfolio Shrinks Team
In October, Edward Moncada, the chief executive at crypto services provider Blockfolio, took to his company’s Medium to reveal that a number of financiers sent $11.5 million his way. This funding round, a Series A, saw Danhua, Pantera Capital, BitMEX, Huobi, a number of other venture groups/consortiums contribute.
However, in spite of the capital influx, up-and-coming crypto outlet The Block recently confirmed that the California-headquartered firm has reduced its staffer headcount. In an interview, Moncada confirmed that Blockfolio cut four employees, reducing its team to 37 individuals from 41. The startup chief also confirmed that Blockfolio would be putting Datablock, an affiliated venture focused on giving consumers control of their data, on the backburner, cutting five workers in the process.
Per The Block’s sources, the so-called “ >laid off 13% of its 1,300 employees in a drastic restructuring. Then, other reports arose that the organization, headquartered in New York, has begun to “spin-off” spokes, projects owned in part by ConsenSys, potentially leaving hundreds with a job. The latter reports have since been rebutted by firm founder Joseph Lubin, but the 13% cut was confirmed.
Bitmain, one of the world’s most valuable crypto companies, has also fallen on hard times, with insiders claiming that the firm will be shutting down its mining operations, cutting upwards to 1,350 employees (half) in the process. The Beijing-based conglomerate will also be losing its co-CEOs.
Most recently, ShapeShift, the startup behind an exchange that shares its name, CoinCap, and KeepKey, laid off 37 employees — one-third of the startup’s employee base.
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