According to several sources within the company, crypto startup Ava Labs, known for supporting the Avalanche blockchain network, has laid off a considerable number of staff.
According to several sources within the company, crypto startup Ava Labs, known for supporting the Avalanche blockchain network, has laid off a considerable number of staff.
Emin Gün Sirer, CEO of Ava Labs, acknowledged the layoffs, indicating that 12% of the workforce had been laid off.
Sirer stated that the company intends to reallocate resources in order to “capture the speed and energy of a small, nimble team” and focus on the expansion of both the company and the Avalanche ecosystem.
Although the actual number of personnel affected has not been revealed, reports indicate that the cuts mostly targeted the marketing sector. Despite the crypto bear market, the scale of the layoffs has taken many staff by surprise.
One former Ava Labs employee was surprised, claiming that the company was improving after the downturn. Another person speculated that the layoffs were part of a larger reorganization effort.
Ava Labs' downsizing follows a similar move by NFT marketplace OpenSea, which recently laid off nearly 50% of its workforce. In the last year and a half, the crypto sector underwent a brutal bear market, with numerous companies attempting to weather the lengthy market downturn.
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