Protocol Labs Dismisses 21% of Employees to Counter Crypto Winter
Protocol Labs Dismisses 21% of Employees to Counter Crypto Winter
- Protocol Labs announced that the company has decided to lay off 21% of its employees.
- The company’s CEO Juan Benet released a blog post announcing the company’s new move.
- He stated that the decision is made to tackle the worse economic conditions.
Protocol Labs, the open-source research, development, and deployment laboratory, announced that the company has decided to discharge almost 21% of its employees in order to tackle the unfavorable conditions of the long crypto winter.
Notably, on February 3, Juan Benet, the CEO of Protocol Labs, in a blog post, announced that the company has to focus more on new strategies to confront the “extremely challenging economic downturn, worldwide, and especially in the crypto industry”.
He added that the macro winter has impacted to worsen the crypto winter, “making it more extreme and potentially longer than our industry expected”:
High inflation leading to high-interest rates, low investment, and tougher markets have rocked companies and industries globally…Millions of companies around the world have had to adapt to this dynamic landscape and prepare for a longer downturn. No company is unaffected”
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