January 14, 2019 09: 30 & nbspUTC
January 14, 2019 at 09:30 am & nbspUTC
With what appears to have become a trend among companies in the Blockchain and Crypto community, Blockfolio, the tracker and cryptographic portfolio management company, reported having fired some of its employees during the collapse of the current encrypted market.
The endless encrypted winter has had many victims. Also Bitmain, China-based manufacturer of integrated circuits for specific bitcoin extraction applications, has fired over 80% of its staff.
Last year, ConsenSys, the software technology company based in Brooklyn, had fired up to 13% of its staff in an effort to maintain business profitability.
It is interesting to note that, in October 2018, Bloccofoglio received a series A loan of USD 11 million. Subsequently, the well-known mining equipment manufacturer increased its workforce. However, according to the latest reports, Blockfolio has again reduced the workforce by 10%.
Blockfolio is an app that allows users to track and manage their crypto portfolio through different portfolios, exchanges and mining pools. Users can see the increase or decrease of their positions based on persistent market conditions.
The bear market trend that dominated cryptographic markets for much of 2018 continues to plague cryptocurrencies. It could very well explain the reason for the decline in the use of Blocking by users as investors and traders may not want to exchange cryptocurrencies when they are at such low prices.
After the downsizing, the strength of Blockfolio's employees is 37. Blockfolio CEO Edward Moncado has elaborated the recent layoffs, stating that it was difficult for the company to let the employees go. However, the company had considered many alternatives before arriving at the final decision.
While the company had planned many developments, and yet 3 months after receiving a $ 11 million loan, Blockfolio has not made significant progress until now. The company had originally decided to expand the horizons and go beyond the simple application of cryptographic tracking, but there were no significant updates from the company after the financing.