Polkadot blockchain developer Parity Technologies is the newest blockchain agency to conduct layoffs.
The DLT infrastructure firm confirmed to Bloomberg that it will reduce 30% of its workers – round 100 workers – in a transfer to refocus on its core blockchain companies.
According to Björn Wagner, CEO of Parity, the corporate will get rid of round 100 workers from its whole workforce of lower than 400 over a “transition period of a few months.” The transfer is a part of its plan to shift the corporate’s focus to its expertise developments.
“Over this period, we will be doubling down on our efforts to enable those affected to continue to contribute to Polkadot beyond their tenure at Parity and we are excited to already see initiatives beginning to take shape.”
The firm added that a lot of the cuts can be within the advertising and enterprise growth departments. Early this month, the agency hinted about its layoff plans noting that Parity is “sunsetting its go-to-market functions.”
Polkadot protocol connects blockchains permitting worth and knowledge to be despatched throughout beforehand incompatible networks like Bitcoin and Ethereum. The DOT token, the native cryptocurrency of Polkadot, is used for staking and governance and has a market worth of $5.3 billion.
“Parity’s financial health and regulatory engagement remains robust, and we will continue to be focused on Polkadot’s success,” Wagner added.
Industry-Wide Layoffs Continue
Parity joins Yuga Labs, Ledger and Chainalysis, which have all laid off parts of their workforce this month, because the turbulent crypto winter has introduced extra clouds of uncertainty.
Blockchain analytics firm Chainalysis introduced shedding 15% of its workforce, early this month, citing market situations and pay cuts. This was the agency’s second spherical of layoffs following a 5% job reduce in February this yr.
Yuga Labs, the mastermind behind NFT giants Bored Ape Yacht Club and CryptoPunks, additionally just lately revealed plans to fireside workers to streamline their operations.
