Blockfi is offering employees buyouts a month after they announced company layoffs while still struggling to adjust to the market conditions so let’s have a closer look at our latest cryptocurrency news.

Trying to avoid more layoffs while struggling to meet the market conditions, BlockFi is offering a voluntary separation program for the employees. It finalized a $400 million loan and potential acquisition terms with FTX crypto exchange and offered employees buyouts as a way to reduce headcount so the move comes one month after cutting 20% of the staff.

One employee said that the company is offering employees 10 weeks of paid leave and 10 weeks of health insurance like the consolidated Omnibus Budget Reconciliation Act in order to resign. The source said that the company assured employees that if they accept the option, they will be eligible for unemployment.  Another company spokesperson said:

“BlockFi initiated a voluntary separation program to right-size our organization for the current market environment. This is not an action we took lightly and want to ensure that employees have resources to consider the decision that is right for them.”

Since making the deal with Sam Bankman Fried, Prince was steadfast in insisting that everything is well at BlockFi. Last week, Prince noted that BlockFi should not be compared to the insolvent former competitors such as Celsus and Voyager. He said that the company raised the interest rates and teased that they have exciting stuff in the works. He also responded to Pantera Capital CEO Dan Morehead who was responding to an essay declaring that the DEFi space has an existential problem.

Morehead also called Blockfi a centralized finance firm and Prince replied to him that the rest of these companies were bankrupt or insolvent and they were not referring to Celsius and Lehman Brothers whose company collapsed in 2008 because of the reliance on securities and subprime mortgages that went into default. Prince also had a conciliatory tone a month ago when the company announced layoffs.

Blockfi cut its headcount by 20% and went from 850 employees to 680. Prince went on to say that the company was working to cut spending on marketing and vendors so It can reduce the compensation and slow down the hiring process:

“Like many others in tech, we’ve been impacted by the dramatic shift in macroeconomic conditions, which have had a negative impact on our growth rate. As a result, our number one goal has been to achieve profitability so that we can extend our runway and control our destiny.”