The Giving Block cuts about 12% of its workforce

 The Giving Block, a crypto donations marketplace, trimmed its workforce, two sources with direct knowledge of the matter told The Block.

The Miami-based company laid off around ten people, or about 12% of its workforce, in three small rounds since November when FTX collapsed, the sources said. A spokesperson for The Giving Block confirmed the number of job cuts.

"Like many other fintech and crypto companies right now, we're in the unfortunate position to have to make some really tough decisions regarding restructuring our team," the spokesperson said. "We've reorganized internally and reworked budgets in order to limit the number of layoffs, while doing what's best for our staff and the future success of The Giving Block."

The Giving Block was founded in 2018 and connects crypto donors with over 1,000 nonprofit organizations. In March 2022, U.S.-listed payment company Shift4 acquired The Giving Block with an upfront payment of $54 million and a potential payment of up to $246 million in cash and stock. The Giving Block, however, still maintains autonomy and continues to operate independently, the spokesperson said.

In 2021, The Giving Block processed around $70 million in crypto donations, according to its annual report. The platform had projected to process $1 billion in crypto donations in 2022, and the spokesperson said the 2022 annual report will be released next month.

The job cuts make The Giving Block the latest crypto firm to slash headcount as the industry continues to grapple with collapses and the bear market. Other companies cutting jobs in recent weeks include Coinbase, Crypto.com, Blockchain.com, ConsenSys and Genesis.