In the midst of the ongoing crypto winter, a number of crypto companies have cut staff this week while keeping “impactful” workers to get ready for a “longer downturn,” as reported by Cointelegraph.
According to Cointelegraph, between three cryptocurrency companies, Protocol Labs, a developer of open-source software, Chainalysis, and Bittrex, there have been at least 216 job cuts, resulting in reductions of 89, 83, and 44 employees, respectively.
The job cuts were announced by Juan Benet, CEO of Protocol Labs, the organisation that created Filecoin, in a blog post on February 3. He claimed that the company had to concentrate its headcount “against the most impactful and business-critical efforts.”
Benet claimed that the business made the decision to eliminate “89 roles,” or about 21% of its workforce, in order to be prepared to “weather this extended winter.”
Given that the crypto industry has faced “extremely challenging times,” Benet advised the company to “prepare for a longer downturn.”
(With insights from Cointelegraph)