cuts 25% of workforce has become the latest company to cut a portion of its workforce, reducing its headcount by 25%.

Founded in 2012, the company operates as a crypto exchange and wallet. The cuts will see around 150 members lose their jobs. is a privately held company and was valued at $14bn during a funding round earlier in the year. It informed its staff members of the redundancies on Thursday July 21.

The company also announced it would be closing the doors to its Argentinian office and cutting its plans to expand across several countries.

The news will affect around 44% its Argentinian base, 26% of staff the US and 16 based in the UK. ranked at number seven on the CNBC Distributor 50 List and claims responsibility for one third of all Bitcoin transactions.

However, the firm was one of the unfortunate companies affected by the collapse of Three Arrows Capital.

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Updated: 07/22/2022 — 16:00