Blockfolio Crypto Tracking Platform Reduces Its Workforce

Due to the current market crash, Blockfolio crypto portfolio management and tracking company recently fire some of their employees. Nowadays, this seems a trend to lay off the staff to survive from the market.

The endless crypto winter crash brings lots of casualties with it. Bitmain is the China operating manufacturer of application for supplying particular integrating bitcoin mining circuit chips. This company recently lays off above 80% of their working staff and  Blockfolio.

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Back in 2018, ConsenSys which is the Brooklyn operating software company fires approx. 13% of its staff. This was due to retaining business viability. On the other hand, in October, Blockfolio retrieves “Series A funding” which is worth of USD 11 million.

Blockfolio Fires 10% of its Staff

Subsequently, this familiar mining equipment company hires majority of employees for its workforce. As per the recent reports, the same company, Blockfolio fires 10% of its staff, reducing its workforce.

Basically, Blockfolio is an application letting users trace and tackle their crypto portfolio over distinct exchanges, wallets, and mining pools. Also, the clients can view the fluctuation happening in their holdings relating to the persisting market situations.

The current bear market trend which seems ruling the markets coming from 2018 is still afflicting cryptocurrencies. The reason is simple and clear for the decline of the users from Blockfolio application. The invest, as well as traders, are not currently looking to trade in cryptocurrencies with such low prices.

The scenario after this downsizing, Blockfolio is left over 37 employees’ strength. Edward Moncado, the CEO at Blockfolio also specifies about this layoffs. Moreover, he notes that this move was really difficult for the firm to let go of these particular employees. However, Blockfolio is said to have accumulated many alternatives prior to reach this final decision.

As the platform fails to a majority of their developments sketched out, yet after three months of retrieving USD 11 million funding, the company was not able to maintain any significant progress.

Then Blockfolio decides to explore horizons and move ahead from just being a crypto tracking application. However, there are significant updates regarding platform’s side after the funding.

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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