- Ava Labs, the team behind the Avalanche Blockchain, has laid off 12% of its employees.
- The company’s founder and CEO, Emin Gün Sirer, confirmed the news on November 7.
- The layoffs are part of the company’s efforts to reallocate resources and focus on the growth of the firm and the Avalanche ecosystem.
- Ava Labs has 335 employees, suggesting that around 40 people were impacted.
- Many of the layoffs came from the firm’s marketing team.
- The layoffs came as a surprise to some employees who thought “things were just getting started.”
- This round of layoffs follows a 50% staff cut by NFT marketplace OpenSea.
- The crypto industry is still facing challenges in terms of job openings, despite a recent uptick in the market cap.
- Some crypto job platforms have reported a slight increase in hiring over the last few weeks.
- Cryptocurrency firms are trying to secure talent before market conditions improve in 2024.
Ava Labs, the team behind the Avalanche Blockchain, has confirmed that it has laid off 12% of its employees. The layoffs are part of the company’s efforts to reallocate its resources and focus on the growth of the firm and the Avalanche ecosystem. Ava Labs founder and CEO Emin Gün Sirer confirmed the news on November 7, following announcements from former employees who had been laid off. Gün Sirer stated that the reduction in force affected 12% of Ava Labs and will allow the company to double down on its growth.
According to LinkedIn, Ava Labs currently has 335 employees, which suggests that around 40 people were impacted by the layoffs. It is believed that many of the laid-off employees came from the firm’s marketing team. Former game growth marketing team-member Zach Manafort and Brandon Suzuki, who also worked in Ava Labs’ marketing unit, confirmed their layoffs on social media.
These layoffs come shortly after NFT marketplace OpenSea announced a 50% staff cut. The crypto industry continues to face challenges in terms of job openings, despite the recent increase in the market cap. Neil Dundon, founder of CryptoRecruit, stated that the industry is still tough due to tight funds and dried up venture capital. He believes that a bull market needs to be more evident before there is a significant increase in hiring.
However, crypto job platforms like Proof of Search and Cryptocurrency Jobs have reported a slight increase in hiring over the past few weeks. This is because cryptocurrency firms want to secure talent before market conditions improve in 2024. Kevin Gibson, co-founder of Proof of Search, encourages companies to take advantage of the current employer’s market to continue building their teams. Daniel Adler, co-founder of Cryptocurrency Jobs, also noted that teams are finalizing their hiring plans and roadmap as the year comes to an end.
In summary, Ava Labs has laid off 12% of its employees in order to reallocate resources and focus on growth. The layoffs primarily affected the marketing team, and the company aims to secure talent before market conditions improve. Despite challenges in the job market, some crypto job platforms have observed a slight increase in hiring recently.