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Filecoin parent company lays off 21% of its staff

Filecoin's parent company lays off 20% of its staff

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TL;DR

  • Protocol Labs CEO Juan Benet declared the company would be laying off 21% of its staff.
  • The company said this is due to an “extremely challenging economic downturn, “particularly in the cryptocurrency industry.

In a blog post released on Friday, Protocol Labs CEO Juan Benet declared the company would be laying off 21% of its staff due to an “extremely challenging economic downturn,” particularly in the cryptocurrency industry. To ensure the organization could survive this difficult period, cost-cutting measures had to be taken by Protocol Labs.

In his post, he highlighted the dire consequences of high inflation, resulting in sky-high interest rates, abysmal investments, and a marketplace that has affected businesses worldwide. He further explained how this “macro winter” has only aggravated crypto winter beyond expectations.

In response to these unfortunate conditions, Protocol Labs have decided to terminate 89 roles across diverse teams, such as customer service reps, network goods personnel, and more – with no mention made if other firms owned by them (e.g., Filecoin) would soon suffer a similar fate.

Since April, the cryptocurrency sector has been drastically impacted by job losses, with almost 29,000 positions being axed.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Damilola Lawrence

Damilola is a crypto enthusiast, content writer, and journalist. When he is not writing, he spends most of his time reading and keeping tabs on exciting projects in the blockchain space. He also studies the ramifications of Web3 and blockchain development to have a stake in the future economy.

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