Protocol Labs CEO Juan Benet published a blog post on Friday announcing that 21% of the company’s workforce will be laid off. Protocol Labs is the creator of the Filecoin blockchain network. Benet stressed in the blog post that it has been an “extremely challenging economic downturn, all over the world, and especially in the crypto industry.”
Protocol Labs Cuts Jobs in Response to Macro Winter and Crypto Market Crash
protocol labsthe company behind the blockchain file storage network file currency, announced on February 3 that it will lay off several employees. CEO Juan Benet wrote a blog post, titled “Focusing our strategy to weather the crypto winter,” to explain the layoffs. He cited that the “extremely challenging economic downturn” hit the crypto industry particularly hard. “The macro winter made the crypto winter worse, making it more extreme and potentially longer than our industry expected,” Benet wrote.
“While we work very hard to prevent this, we have made the difficult decision to reduce our workforce by 89 positions (approximately 21%),” the blog post details. “This affects people on the PLGO teams (PL Corp, PL Member Services, Network Goods, PL Outercore and PL Starfleet). We had to focus our workforce on the most impactful and business-critical efforts.”
Protocol Labs has joined the list of companies in the crypto industry that have laid off employees during the “crypto winter”. Other cryptocurrency and blockchain-focused companies, including Candy Digital, Blockchain.com, Opensea, Huobi, and Gemini, have also cut staff. Layoffs across the industry began to gain momentum last year and have continued through 2023. In his blog post on Friday, Benet noted that the “changes will be difficult for all Labbers” and the company will host a “PLGO All Hands” meeting. ” on Monday to answer the remaining questions.
Filecoin’s native cryptocurrency, FIL, is currently ranked 35th in the crypto economy based on market capitalization. As of Saturday, February 4, 2023, filecoin (FIL) The market valuation was approximately $2.11 billion, with global trade volume of around $136 million in the last 24 hours. FIL has gained 65.7% against the US dollar in the last 30 days and outperformed major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH). Despite the 65.7% increase, FIL is still down more than 97% from its all-time high of $236 per coin, which was reached on April 1, 2021. As of 3:30 p.m. February 4, 2023, FIL trading for $5.59 per unit.
What do you think about the layoffs at Protocol Labs and the entire cryptocurrency industry? Share your thoughts in the comments below.
image credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or a solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
