Protocol Labs CEO Juan Benet published a blog post on Friday announcing that 21% of the company's staff will be laid off.
, announced on Feb. 3 that it will lay off a number of employees. CEO Juan Benet wrote a blog post, titled “Focusing Our Strategy to Weather Crypto Winter,” to explain the layoffs. He cited the “extremely challenging economic downturn” as hitting the crypto industry particularly hard. “The macro winter worsened crypto winter, making it more extreme and potentially longer than our industry expected,” Benet wrote.
“Although we worked extremely hard to avoid this, we’ve made the difficult decision to reduce our workforce by 89 roles ,” the blog post details. “This impacts individuals across PLGO teams . We’ve had to focus our headcount against the most impactful and business critical efforts.” Protocol Labs has joined the list of crypto industry businesses that have laid off employees during the “crypto winter.” Other cryptocurrency and blockchain-focused companies, such as
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