Blockfolio, a well-known company in the blockchain ecosystem has fired some of its employees amidst the market crash which has led to other large players such as Bitmain firing more than 80% of its staff. Blockfolio had recently increased its workforce after receiving a whopping $11 million Series A funding. Blockfolio has reportedly fired around 10% of its staff recently.w
Blockfolio showcase the cryptocurrency portfolio of the users across different crypto exchanges, wallets and mining pools. The users are able to track their investments and see the percentage increase or decrease in their amount of holdings due to the market situations. The current market situation is however quite bearish which might have led to a decrease in the usage of the application by users who reluctant to open the application in the midst of the crypto winters.
The current employee strength of Blockfolio has been decreased to 37. According to Edward Moncado, the CEO of the company, it was quite difficult for them to let go the employees and they had considered a lot of other alternatives before arriving at this one (firing).
Blockfolio lacking behind
Just a few months after receiving the Series A funding, the company has not shown any significant growth. However, the company earlier had plans to expand its scope ahead of the cryptocurrency tracking application but we haven’t been noticing any significant updates from the company as the company’s blog pages have not been updated ever since the funding.