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A Message from our Founders
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A Message from our Founders

Published, 13 June, 2022

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A Message from our Founders
We’ve been through several tough days at BlockFi in the past, but today is probably the hardest. Like many others in the Tech industry, we have been impacted by the dramatic shift in macroeconomic conditions worldwide. We are in the gut wrenching position of needing to reduce our headcount today. This is not a decision we take lightly and candidly is one that brings us great sadness. 
We are reducing our headcount by roughly 20% and the reduction impacts every team at the company. This decision was driven by market conditions that have had a negative impact on our growth rate and a rigorous review of our strategic priorities. 
Today is a painful day for BlockFi but more so for employees who we have to part ways with. We are doing everything in our power to treat all of our impacted colleagues with the empathy and compassion that they deserve. 
We know these folks are some of the brightest minds in crypto and fintech and are working to ensure they find a new opportunity when they’re ready. Impacted team members can opt in to include their contact information in a directory of people looking for new roles. Our People team will be connecting our former colleagues directly with companies that are hiring.
We want to provide context for how we got to this point and where we are heading from here.
Together, we started BlockFi nearly five years ago with an idea for one retail product, the crypto-backed loan. Since then, we have expanded our retail product suite to multiple product verticals across Earn, Invest, Borrow, and Pay, supporting over 650,000 clients globally. We also launched our Institutional business providing financing, trade execution and private client services to leading institutions globally.
BlockFi’s greatest strength has always been our team, and we have immense gratitude for all who have joined us for this journey. At the end of 2020, we had about 150 employees and since then grew to over 850 during the incredible growth of the crypto markets and our business. 
Since Q1 of 2022, the macroeconomic environment has shifted dramatically, sparking a dramatic pull back in equity and crypto markets. As a result, our number one goal has been to achieve profitability so that we can own our destiny as we navigate what many expect to be an extended global recession. We have been eliminating expenses throughout our business such as: 
  • Reducing marketing spend
  • Eliminating non-critical vendors 
  • Reducing executive compensation 
  • Slowing headcount growth
Unfortunately, after taking significant time to plan and consider, this is the action we now need to take to achieve our profitability goal.
For our remaining 600+ colleagues and our clients, partners and stakeholders who have supported us worldwide - we are steadfast in our commitment to ensure BlockFi is here for the long haul. Clients should not experience any material disruption to our platform, products or services; you will receive the same great service you have come to expect from BlockFi.
We know this is a hard day, but BlockFi will persevere. Our ambition and commitment remains the same: to provide crypto-powered financial services that accelerate prosperity worldwide. 
Zac and Flori

Last updated on June 13th, 2022

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As of February 14, 2022, the BlockFi Interest Account (BIA) is no longer available to new clients who are US persons or persons located in the US and existing US clients with BIA accounts are unable to transfer new assets to their BIAs. Learn More.
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Digital currency is not legal tender, is not backed by the government, and crypto accounts held with BlockFi are not subject to FDIC or SIPC protections. Digital currency values are not static and fluctuate due to market changes. Not all products and services are available in all geographic areas and are subject to applicable terms and conditions. Eligibility for particular products and services is subject to final determination by BlockFi. Rates for BlockFi products are subject to change.
BlockFi Rewards Credit Card: For more information, please see BlockFi’s Terms of Service. BlockFi is not a Bank. Cards are issued by Evolve Bank & Trust, Member FDIC, pursuant to a license from Visa® USA Inc. Rewards are not offered by Evolve Bank & Trust and are instead offered and managed by BlockFi.
BlockFi International Ltd. holds a Class F digital assets business license under the Digital Assets Business Act, 2018 (as amended) and is licensed by the Bermuda Monetary Authority to conduct the following digital assets business activities: (i) issuing, selling or redeeming virtual coins, tokens or any other form of digital assets (ii) operating as a digital asset exchange (iii) providing custodial wallet services (iv) operating as a digital asset derivative exchange provider and (v) operating as a digital assets services vendor.
See blockfi.com/terms for more information.
2022 © All Rights Reserved.
As of February 14, 2022, the BlockFi Interest Account (BIA) is no longer available to new clients who are US persons or persons located in the US and existing US clients with BIA accounts are unable to transfer new assets to their BIAs. Learn More.
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This icon serves as a link to download the eSSENTIAL Accessibility's free assistive technology app for individuals with physical disabilities.
Digital currency is not legal tender, is not backed by the government, and crypto accounts held with BlockFi are not subject to FDIC or SIPC protections. Digital currency values are not static and fluctuate due to market changes. Not all products and services are available in all geographic areas and are subject to applicable terms and conditions. Eligibility for particular products and services is subject to final determination by BlockFi. Rates for BlockFi products are subject to change.
BlockFi Rewards Credit Card: For more information, please see BlockFi’s Terms of Service. BlockFi is not a Bank. Cards are issued by Evolve Bank & Trust, Member FDIC, pursuant to a license from Visa® USA Inc. Rewards are not offered by Evolve Bank & Trust and are instead offered and managed by BlockFi.
BlockFi International Ltd. holds a Class F digital assets business license under the Digital Assets Business Act, 2018 (as amended) and is licensed by the Bermuda Monetary Authority to conduct the following digital assets business activities: (i) issuing, selling or redeeming virtual coins, tokens or any other form of digital assets (ii) operating as a digital asset exchange (iii) providing custodial wallet services (iv) operating as a digital asset derivative exchange provider and (v) operating as a digital assets services vendor.
See blockfi.com/terms for more information.
2022 © All Rights Reserved.