- One of several businesses affected by the failure of cryptocurrency hedge fund Three Arrows Capital is Blockchain.com.
- Blockchain.com expects to lose the $270 million it owed 3AC in cryptocurrency.
- There are a lot of famous members as its sponsors.
The Losses From 3AC
Blockchain.com, a cryptocurrency firm, said it is dismissing 25% of its workforce due to difficult market conditions. The company will be eliminating 150 jobs. The business is also closing its office in Argentina and abandoning its intentions to grow internationally. About 44% of the layoffs impact workers in Argentina, while 26% and 16% are located in the United States and the United Kingdom, respectively. On Thursday, the business gave its employees the plans.
The news has been confirmed through multiple sources.
One of several businesses affected by the failure of cryptocurrency hedge fund Three Arrows Capital is Blockchain.com. With debts of hundreds of millions of dollars to cryptocurrency companies, including Celsius and Voyager Digital, 3AC filed for bankruptcy earlier this month. The co-founders of the business have now vanished. Lawyers for its creditors are looking for them and attempting to find out where they are.
No. 7 on this year’s Disruptor 50 list.
Blockchain.com expects to lose the $270 million it owed 3AC in cryptocurrency. Coinbase, a cryptocurrency exchange, denied having any financial exposure to Celsius, Voyager, or 3AC on Wednesday. The controversial Terra stablecoin’s demise in May led to the failure of other cryptocurrency businesses that had placed hazardous wagers with borrowed money. Companies like Celsius and Voyager froze customer accounts after declining redemption requests, then went out of business.
Blockchain.com, a cryptocurrency exchange and wallet platform was established in 2012. The business asserts that its wallet product is in charge of over a third of all bitcoin transactions and was placed No. 7 on this year’s Disruptor 50 list. In a capital round reported earlier this year, the privately owned business was valued at $14 billion. There are a lot of famous members as its sponsors. Some of them are:
- Baillie Gifford
- American hedge fund manager Kyle Bass
- British businessman Richard Branson
Source: https://www.thecoinrepublic.com/2022/07/22/blockchain-com-laid-off-25-of-its-staff/