Community Gaming Lays Off 17 Employees Due To The Difficult Situation

Key Points:

Web3 e-sports platform Community Gaming has laid off 17 employees, accounting for more than 17% of the company’s total headcount.
The company had been forced to make layoff choices in recent months due to larger industry challenges.
Since 2019, it has completed $18.5 million in financing.

**Community Gaming, a Web3 e-sports platform, has fired off 17 workers, accounting for more than 17% of the company’s entire employment, according to the Esports Advocate.**

Community Gaming Lays Off 17 Employees Due To The Difficult Situation 3

In an interview with Decrypt, Community Gaming CEO Chris Gonsalves said that the company had been forced to make layoff choices in recent months due to larger industry challenges.

According to LinkedIn, Community Gaming employs around 112 individuals worldwide, although that figure should be taken with a grain of salt since former workers don’t usually update their accounts to reflect their current job status at a firm in a timely manner.

Community Gaming is a big supporter of Web3, cryptocurrency, and blockchain and touts itself as an esports tournament and questing platform, constructing payment infrastructure and community interaction tools to accelerate the development of web3 gaming.

Gonsalves established Community Gaming because he believes the esports sector has a payouts issue, and he wants to provide tournament winners with speedier crypto payments. In esports, it might take days or weeks for victors to be paid following an event, and those payouts are frequently accompanied by a slew of additional processes or taxes.

Community Gaming Lays Off 17 Employees Due To The Difficult Situation 4

Community Gaming’s entire user base has more than quadrupled in the last year, from about 100,000 in April 2022 to 250,000 now, according to Gonsalves. This month, Community Gaming also hosted over 600 events, with over 21,000 people playing in at least one tournament.

Since 2019, the company has received $18.5 million in financing from BITKRAFT Ventures, Binance Labs, Diverse Angels, Beacon, Polygon Studios, Animoca Brands, Coinfund, Crowd Venture Capital, Softbank, Griffin Gaming Partners, SB Opportunity Fund, ConsenSys Mesh, Bitkraft, and Jeff Zirlin.

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 us to keep track of news: https://linktr.ee/coincu

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.