Ava Labs, the team behind the Avalanche Blockchain, has confirmed it laid off 12% of its employees in a recent wave of staff cuts, citing the need to reallocate its resources.
Ava Labs, the company responsible for the development of the Avalanche Blockchain, has announced that it has laid off 12% of its workforce in order to redirect its resources towards expanding the firm. The news was confirmed by the founder and CEO of Ava Labs, Emin Gün Sirer, on November 7th, after former employees announced their layoffs on social media platform X (formerly Twitter).
Founder and CEO Emin Gün Sirer discusses the decision
"This reduction in force affected 12% of Ava Labs, and allows us to reallocate resources to double down on the growth of our firm and the Avalanche ecosystem," said Gün Sirer. He also acknowledged that bear markets can be challenging, but expressed confidence in Ava Labs' ability to navigate them due to the significant runway and resources at its disposal.
Layoffs impact around 40 employees
According to LinkedIn, Ava Labs currently has 335 employees, suggesting that approximately 40 people were affected by the recent wave of layoffs. Garrison Yang, the vice president of growth and strategy at Ava Labs, hinted that many of the layoffs were from the marketing team.
Former employees express surprise and gratitude
Former game growth marketing team-member Zach Manafort, who had been active in the Avalanche community since 2020, expressed surprise at his layoff in a post on X. Similarly, Brandon Suzuki, another former member of Ava Labs' marketing unit, confirmed his layoff on social media. Both individuals expressed gratitude for their experiences and growth during their time at Ava Labs.
Layoffs come amidst a challenging job market in the crypto industry
The recent layoffs at Ava Labs come shortly after a 50% staff cut at nonfungible token marketplace OpenSea. Neil Dundon, founder of CryptoRecruit, explained that job openings in the crypto industry are still scarce, despite the recent increase in crypto market cap. Dundon emphasized that there needs to be more signs of a bull market before hiring significantly picks up again.
A slight increase in hiring observed by some industry insiders
However, Kevin Gibson and Daniel Adler, the founders of Proof of Search and Cryptocurrency Jobs, noted a slight increase in hiring over the past few weeks. Gibson attributed this to cryptocurrency firms wanting to secure talent before market conditions improve in 2024. Both Gibson and Adler encouraged companies to take advantage of the current market conditions to continue building their teams.
As 2023 comes to a close, some teams are making a final hiring push to meet their hiring goals and roadmap.
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https://trendinginthenews.com/crypto-currency/bitcoin-and-altcoins-will-the-upward-trend-continue
