It’s unclear whether Monday’s layoffs impacted the company’s technical departments.
A large number of employees in the marketing department had been let go as per Yang.
The Avalanche Blockchain Network’s parent business, Ava Labs, let off 12% of its staff on November 6. On Twitter, Ava Labs’ founder and CEO Emin Gun Sirer broke the news that the firm will be laying off 12 percent of its staff. With this decision, the business will be able to redirect resources to boost the development of both the organization and the Avalanche ecosystem.
Bear markets, he said, are especially treacherous. According to the CEO of Ava Labs, the firm will be concentrating those resources on expanding the Avalanche ecosystem for upcoming years. Moreover, as per the CEO, the firm is in an enviable position to do so, with a long runway and abundant resources at its disposal.
Struggle Continues
Ava Labs’ Vice President of Growth and Strategy, Garrison Yang, also took to Twitter on Monday afternoon to announce that a large number of employees in the marketing department had been let go.
It’s unclear whether Monday’s layoffs impacted the company’s technical departments. However, the extensive breadth of these layoffs, taking even the harsh crypto market circumstances into consideration, came as a shock to many staff. While the cryptocurrency markets have surged this year, crypto companies continue to struggle due to a lack of available capital.
NFT marketplace OpenSea likewise undertook a similar “restructuring” procedure at the end of the previous week, resulting in the dismissal of about half of its whole personnel. It is interesting that less than two years ago, OpenSea had an unusually strong position, earning a stunning $13.3 billion valuation after a Series C fundraising round.
The overall crypto market has been witnessing a general uptick in the last few weeks. This week, Bitcoin made repeated attempts to overcome the key $35,250 resistance, but all endeavors fell short. Before beginning a corrective negative trend, the price rose to a peak of about $35,286.