With what seems to have become a trend among companies in the Blockchain and crypto community, Blockfolio, the crypto portfolio tracker and management company, has reportedly fired some of its employees during the ongoing crypto market crash.
The unending crypto winter has had many casualties. Bitmain, the China-based manufacturer of application-specific integrated circuit chips for bitcoin mining, had also laid off more than 80% of its staff.
Last year, ConsenSys, the Brooklyn-based software technology company, had fired as much as 13 per cent of its staff in an effort to retain business viability.
Interestingly, Blockfolio had received Series A funding worth as much as USD 11 million in October 2018. Subsequently, the well-known mining equipment manufacturer increased its workforce. However, according to the latest reports, Blockfolio has yet again reduced its workforce by 10 per cent.
Blockfolio is an app that allows users to track and manage their crypto portfolio across different wallets, exchanges, and mining pools. The users can view the increase or decrease in their holdings according to the persisting market conditions.
The bear market trend which ruled the crypto markets through most of 2018 continues to afflict cryptocurrencies. It could very well explain the reason for the decline in the use of the Blockfolio application by users since investors and traders may not want to trade in cryptocurrencies when they are at such low prices.
After the downsizing, the strength of the employees at Blockfolio stands at 37. The CEO of Blockfolio, Edward Moncado, elaborated on the recent layoffs, saying that it was difficult for the company to let go of the employees. However, the company had considered many alternatives before arriving at the final decision.
While the company had a lot of developments planned out, yet 3 months after receiving the USD 11 million funding, Blockfolio has not made any significant progress till now. The company had originally decided to expand horizons and go beyond just being a crypto tracking application, but there have not been any significant updates from the company’s side after the funding.
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