Protocol Labs to lay off 21% of employees due to crypto winter

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Protocol Labs, developer of decentralized file storage Filecoin, will lay off 21% of its staff due to the ongoing crisis in the cryptocurrency market and the general economic downturn.

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This was announced by the CEO of the company Juan Benet (Juan Benet) in the blog of the company. According to him, market conditions have become extremely harsh for crypto companies, and the global economic crisis has only exacerbated the cryptocurrency winter.

“The crisis in the industry has become much more severe, and its duration is likely to increase for a longer time than we expected. Therefore, we have decided to lay off about 89 employees from the PLGO teams (PL Corp, PL Member Services, Network Goods, PL Outercore and PL Starfleet),” Benet wrote.

High inflation, leading to high interest rates, low investment and a tougher market, has shaken companies and industries around the world, according to the head of Protocol Labs. After layoffs, the company will intensify work in those areas that are now relevant and in demand for the market.

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Earlier, the London-based cryptocurrency exchange Luno announced the dismissal of 35% of employees. The head of the company, Marcus Swanepoel, also referred to a difficult period for the crypto industry and the economy as a whole.

Source: Bits

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