Protocol Labs Lays Off 89 Staffs In Latest Round Of Job Cuts

Key Points:

• Protocol Labs eliminated 89 positions (approximately 21%) across teams.
• The firm has also cut costs by cutting team budgets, infrastructure spending, and investments.

Protocol Labs is the latest digital asset startup to lay off workers, cutting off 21% of its team to save costs in a challenging market.

Protocol Labs eliminated 89 positions (approximately 21%) across teams. Over the last few quarters, the firm has also cut costs by cutting team budgets, infrastructure spending, and investments.

The firm has issued an email and a calendar invite to everyone who may be affected by this change to discuss it in person and provide their assistance.

According to founder Juan Benet, this has been a challenging economic downturn, both globally and in crypto. Companies and sectors worldwide have been shaken by excessive inflation, resulting in high-interest rates, poor investment, and tighter markets. The macro winter exacerbated crypto winter, making it more severe and potentially lasting longer than our industry anticipated.

To weather the macro and crypto winter, PL teams have significantly cut costs over the last quarters, reducing team budgets, infra spend, investments, grant programs, and much more. These have been tough times and our teams have succeeded greatly in reducing costs while maintaining services and growing projects. Thank you to everyone who contributed to these efforts, you have made a big difference.

Protocol Labs accomplished a lot over the last few years, from the launch of Filecoin to scaling IPFS to millions of users, building one of the fastest growing developer ecosystems, supporting 300+ companies across the network, growing movements like SBS and FTC, launching testnets for FVM, Saturn, SpaceNet, and Bacalhau just last quarter, and much more.

To survive in these difficult times, crypto and IT companies have reduced their workforces and cut costs across the board. Last week, Digital Currency Group’s Luno laid off 35% of its workforce, Coinbase and Crypto.com laid off 20%, and Genesis laid off 30%.

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.

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