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.
