Parity Technologies, the company behind the Polkadot blockchain, is cutting 30% of its workforce — about 100 employees — amid a widespread wave of staffing cuts across the crypto industry.
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The decision to lay off staff arrives as Parity attempts to refocus on its core Polkadot blockchain and cryptocurrency services.
Most of the cuts will be in the marketing and business development departments.
Parity’s CEO, Björn Wagner, told Bloomberg via a spokesperson that the company aims to allow affected employees to continue contributing to Polkadot.
Wagner said that Parity’s financial health and regulatory engagement “remains robust.”
Polkadot’s DOT token has a market value of US$5.3 billion and is ranked 13th among non-stablecoin cryptocurrencies.
The token has seen a 40% drop from its year-high in February amid an industry-wide downturn in the crypto market.
Parity had hinted at the layoffs earlier in a social media post that said Parity is “sunsetting its go-to-market functions.”
Other crypto technology firms, like Polygon Labs and Circle, also announced job cuts in the past year. The DeFi sector, including decentralized exchanges and peer-to-peer lenders, has faced challenges amid declining risk appetite and crypto market volatility.
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