Parity Applied sciences, the corporate behind the Polkadot blockchain, is slicing 30% of its workforce — about 100 staff — amid a widespread wave of staffing cuts throughout the crypto {industry}.
See associated article: Chainalysis cuts 150 staff
Quick Info
- The choice to put off workers arrives as Parity makes an attempt to refocus on its core Polkadot blockchain and cryptocurrency companies.
- A lot of the cuts might be within the advertising and enterprise growth departments.
- Parity’s CEO, Björn Wagner, advised Bloomberg through a spokesperson that the corporate goals to permit affected staff to proceed contributing to Polkadot.
- Wagner stated that Parity’s monetary well being and regulatory engagement “stays sturdy.”
- Polkadot’s DOT token has a market worth of US$5.3 billion and is ranked thirteenth amongst non-stablecoin cryptocurrencies.
- The token has seen a 40% drop from its year-high in February amid an industry-wide downturn within the crypto market.
- Parity had hinted on the layoffs earlier in a social media submit that stated Parity is “sunsetting its go-to-market features.”
- Different crypto know-how companies, like Polygon Labs and Circle, additionally introduced job cuts prior to now yr. The DeFi sector, together with decentralized exchanges and peer-to-peer lenders, has confronted challenges amid declining danger urge for food and crypto market volatility.
See associated article: Binance.US cuts one-third of workforce; CEO Brian Shroder steps down