Filecoin parent company lays off 21% of its staff
Filecoin's parent company lays off 20% of its staff
- 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.
Don’t just read crypto news. Understand it. Subscribe to our newsletter. It's free.
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.
Damilola Lawrence
Damilola Lawrence has covered news on crypto markets and tech for over 5 years. He has previously shared crypto insights and analysis for TheShibMagazine, CryptoMode, Qweens Magazine, and The Recording Academy before pivoting into Web3. At Cryptopolitan, he is a crypto price prediction specialist. After finishing a bachelor’s degree, he has segued into a master’s degree in IT Cybersecurity at Maria Curie-Skłodowska University.
