RATE Group | Status lays off 25% Workforce due to Severe Market Correction
52939
wp-singular,post-template-default,single,single-post,postid-52939,single-format-standard,wp-theme-bridge,wp-child-theme-bridge-child,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

Status lays off 25% Workforce due to Severe Market Correction

15 Dec Status lays off 25% Workforce due to Severe Market Correction

Posted at 22:10h in Cryptocurrency News by

[ad_1]

According to a blog post published on December 11, Ethereum- based platform,  Status is laying off 25% of it’s staff. The move is due to the recent cryptocurrency market decline.

Status is on open source Ethereum-based mobile app which enables users to chat, transact and access decentralized applications.

The startup’s co-founder Jarrad Hope stated that in the wake of declining market the company has more workforce than required. The company was not prepared for the steep fall in value of ETH.

“This was compounded by not having solid banking partners due to the difficulty in opening banking accounts for crypto projects until Q2 of this year, and have been hedging since then accordingly. 25 percent of its staff is “non-essential” to the company’s long-term growth projects, and are therefore being laid off. Remaining employees have been asked to take a paycut and will be given a sum of Status’ native virtual currency SNT “to help offset the cut and align with the…

[ad_2]

Source link