More firms are making cuts. | Illustration by Alex Castro / The Verge

BlockFi, a platform for trading and lending cryptocurrency, announced via a blog post on Monday that it’s laying off 20 percent of its 850 employees — around 170 to 200 people. CEO Zac Prince said in a Twitter thread that the layoffs can be traced to a “dramatic shift in macroeconomic conditions” and BlockFi’s push to become profitable.

It’s not the only crypto company letting workers go. On Friday, (the company with the Super Bowl ad featuring LeBron James) announced that it’s laying off around 260 workers, or around five percent of its workforce, according to a Twitter thread from its CEO, Kris Marszalek.

It could be a “crypto winter”

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