BlockFi, a cryptocurrency lender that just closed a $ 400 million loan and possible purchase conditions with cryptocurrency exchange FTX, is providing staff buyouts as a covert means to cut down on manpower. One month after reducing its workforce by 20%, the change was made.
BlockFi Offers COBRA
According to a BlockFi employee, the company is giving workers 10 weeks of paid time off and 10 weeks of COBRA, or Consolidated Omnibus Budget Reconciliation Act, health insurance, in exchange for their resignation. The insider also said that the business had convinced workers that they would be entitled for unemployment benefits if they agreed to the buyout.