Crypto trading & lending platforms have recently laid off hundreds of employees due to less people investing in crypto. But if this persists, their services might not be as profitable as before.

BlockFi’s CEO, Zac Prince, said the company will be reducing its workforce by roughly 20% and it affects all teams at the company.

“This decision was driven by market conditions that have had a negative impact on our growth rate and a rigorous review of our strategic priorities,” he quoted in a statement late on Monday.

The macroeconomic environment has given the equity and crypto markets a shaky global footing ever since Q1 2022. This insecurity caused dramatic pull backs in both of the markets within their respective time periods.