Cryptocurrency exchange Blockchain.com has reportedly reduced its workforce by 25%, or nearly 150 roles, in the face of a broad market downturn.Blockchain.com, which recently said it stood to lose $270M after lending to insolvent crypto hedge fund Three Arrows Capital, is going to close its offices in Argentina and end expansion plans in several countries, a company representative told CoinDesk on Thursday.Around 44% of the layoffs are based in Argentina, 26% are affected in the U.S. and 16% in the U.K. in a move that brings the company's headcount back to January levels, CoinDesk reported.The company is joining a slew of crypto firms that have taken similar steps to better manage costs, namely by laying off staff. Some of the popular names among the crypto ecosystem include Coinbase Global (COIN), Celsius Network, Genesis and BlockFi.Blockchain.com did not immediately respond to a request for comment from Seeking Alpha.In April, Blockchain.com was looking to go public through an IPO.
