Protocol Labs, the parent company of Filecoin, laid off 21 percent of its employees.
We keep hearing news of layoffs from companies in the cryptocurrency world. Finally, the company that joined this caravan was Protocol Labs, the parent company of Filecoin.
Protocol Labs Fired 21 Percent of Its Employees
The impact of 2022 on the crypto money industry still continues. Companies use many different ways to cut costs. One of the most common events in this period is layoffs. Finally, announcing the layoffs, Protocol Labs cited crypto winter and current economic conditions as reasons for the dismissal.
CEO Juan Benet announced in a blog post Friday that Protocol Labs, the company behind the decentralized file storage network Filecoin, is laying off 21 percent of its staff.
Benet cited an extremely difficult economic downturn, especially for companies in the crypto space, as the reason behind the cuts, which forced the company to cut costs to survive the new environment.
The CEO made the following statements on the subject:
“High inflation leading to high interest rates, low investment and more challenging markets has rattled companies and industries globally. The macro winter has worsened the crypto winter, making it more extreme and potentially longer than our industry expected.”
