- To provide light on the layoffs, CEO Juan Benet published a blog post.
- Benet wrote on Friday that the transition will be challenging for all Labbers.
On February 3rd, Protocol Labs, the company behind the Filecoin blockchain network for storing files, revealed that it would be laying off some of its staff. To provide light on the layoffs, CEO Juan Benet published a blog post titled “Focusing Our Strategy to Weather Crypto Winter.”
He said the crypto sector was impacted especially hard by the very severe economic crisis. Benet argued that the severity and duration of the crypto winter had been amplified by the macro winter, making it more severe and lasting longer than had been anticipated.
The CEO stated:
“Although we worked extremely hard to avoid this, we’ve made the difficult decision to reduce our workforce by 89 roles (approximately 21%). This impacts individuals across PLGO teams (PL Corp, PL Member Services, Network Goods, PL Outercore, and PL Starfleet). We’ve had to focus our headcount against the most impactful and business critical efforts.”
Industry-wide Layoffs
Due to the crypto winter, Protocol Labs has joined the ranks of other companies in the cryptocurrency sector that have reduced their workforce. Staff reductions have also occurred in various sectors including tech and retail. Although it has been more severe in the cryptocurrency and blockchain sectors.
The trend of widespread layoffs in the business started picking up speed in 2022, and it shows no signs of abating any time before 2023. Benet wrote on Friday that the transition will be challenging for all Labbers and that the business will be holding a “PLGO All Hands” meeting on Monday to address any concerns that may have been raised.
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