News

Ignite Cuts 50% Of Staff Along With The Resignation Of The CEO

Ignite, the organization that develops the Cosmos (ATOM) blockchain ecosystem, parted ways with more than half of its employees this week along with the sudden resignation of the company’s CEO.
Ignite Cuts 50% Of Staff Along With The Resignation Of The CEO 3

This news comes after Ignite CEO Peng Zhong recently announced at he is leaving the company, amid a company restructuring that has not yet come to an end and caused much controversy.

Not only that, but Ignite also proceeded to lay off some employees and others who volunteered to leave the company in exchange for a severance package. However, the workforce cuts are not only driven by market conditions but also by internal factors.

Ignite is one of the leading and most important companies in the Cosmos ecosystem, formerly known as Tendermint. Founded in 2014 by Kwon with parent company All In Bits. But he stepped down as CEO in 2020 to focus on another project called Virgo, following a highly publicized dispute with some employees. Despite this, Kwon still holds a seat on the All In Bits board.

When Mr. Kwon left Tendermint, Peng Zhong stepped in to fill the vacancy. Tendermint later rebranded as Ignite. CEO Peng Zhong shared at the time that the rebranding represented a change in strategy for the company, which previously focused on building backend infrastructure for the Cosmos ecosystem.

According to a source close to the matter, details of the new organizational structure between Ignite and New Tendermint remained hazy after it was announced. Former employees of Ignite have been invited to apply for a job at New Tendermint, Kwon’s new business. Meanwhile, non-subscribers will be invited to either a reformatted version of Ignite or a new initiative called Cosmos Cash.

And perhaps because of this dispute “engaging” employees, the internal conflict has become increasingly tense. The result of the departure of CEO Peng Zhong (Ignite) and a series of colleagues attached to him is also understandable.

Ignite Cuts 50% Of Staff Along With The Resignation Of The CEO 4

More than 50 former employees from many senior departments have been laid off or voluntarily accepted severance packages. This list has been moved to other Cosmos-based projects in search of new opportunities that show the number of people leaving the company could be more than 100 people. Before the incident, the number of Ignite employees was about 140 people.

However, the sudden action of CEO Peng Zhong has raised questions about the future of Cosmos. The company website has been updated to focus primarily on the blockchain development tool Ignite CLI, while the information about the joint venture branch and accelerator toolkit has disappeared. Additionally, the leading product on the platform is Emeris, a discontinued cross-chain DeFi protocol.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Recent Posts

Bitcoin Trader Turned $100M in His 20s—Now Reveals 5 Altcoins to Build a $50M Portfolio, With Memecoins Leading the Way!

As Bitcoin reaches unprecedented heights and the market surges, he's highlighting five altcoins poised for…

1 hour ago

Which Crypto Will Explode in the 2024-2025 Bull Run?

With the crypto market reaching new peaks, many are eager to discover digital currencies poised…

1 hour ago

Dogecoin and Shiba Inu Approach $1, but All Eyes Are on XYZVerse’s Push to $10!

XYZVerse, blending sports passion with meme energy, is set to make a significant impact, uniting…

2 hours ago

Will Bitcoin Crash or Soar Past $105K in 2024?

Will Bitcoin Crash?" seems to be one of the most controversial questions, as the price…

3 hours ago

The Best Crypto for Passive Income? 10% Weekly Gains and 20% Final Surge—Qubetics Mirrors Cosmos’ Early Success!

There’s always that one coin people wish they hadn’t overlooked. For many, Cosmos ($ATOM) is…

3 hours ago

Cosmos Developer Interchain Foundation Sold 3000 ETH Today

Cosmos Developer Interchain Foundation sold 3000 ETH from its ICO today, totaling 21,600 ETH sold…

4 hours ago

This website uses cookies.