Polkadot blockchain developer Parity Technologies is the latest blockchain firm to conduct layoffs.
According to Björn Wagner, CEO of Parity, the company will eliminate around 100 staff from its total workforce of less than 400 over a “transition period of a few months.” The move is part of its plan to shift the company’s focus to its technology developments.
“Over this period, we will be doubling down on our efforts to enable those affected to continue to contribute to Polkadot beyond their tenure at Parity and we are excited to already see initiatives beginning to take shape.”
The company added that most of the cuts would be in the marketing and business development departments. Early this month, the firm hinted about its layoff plans noting that Parity is “sunsetting its go-to-market functions.”
Polkadot protocol connects blockchains allowing value and data to be sent across previously incompatible networks like Bitcoin and Ethereum. The DOT token, the native cryptocurrency of Polkadot, is used for staking and governance and has a market value of $5.3 billion.
“Parity’s financial health and regulatory engagement remains robust, and we will continue to be focused on Polkadot’s success,” Wagner added.
Industry-Wide Layoffs Continue
Parity joins Yuga Labs, Ledger and Chainalysis, which have all laid off portions of their workforce this month, as the turbulent crypto winter has brought more clouds of uncertainty.
Blockchain analytics company Chainalysis announced shedding 15% of its workforce, early this month, citing market conditions and pay cuts. This was the firm’s second round of layoffs following a 5% job cut in February this year.
Yuga Labs, the mastermind behind NFT giants Bored Ape Yacht Club and CryptoPunks, also recently revealed plans to fire staff to streamline their operations.