Ivan on Tech's Moralis becomes latest crypto firm to cut headcount

Moralis, a blockchain infrastructure firm co-founded by popular crypto content creator Ivan Liljeqvist (aka Ivan on Tech), is the latest crypto company to cut jobs, Liljeqvist told The Block.

“In response to significant economic change and shifting customer and market priorities, we have decided to reduce our headcount," he said.

Liljeqvist declined to disclose the number of positions that were cut. Sweden-based Moralis currently employs 85 people, according to its LinkedIn page.

Founded in 2021 by Liljeqvist and Filip Martinsson, Moralis provides tools to developers for building web3 applications. Liljeqvist's Ivan on Tech YouTube channel has nearly 500,000 subscribers, and he has almost 400,000 Twitter followers. As for Moralis, it is backed by some high-profile investors, including Coinbase Ventures and Fabric Ventures. The firm has raised nearly $53 million in total funding to date, with its latest Series A round being in May 2022.

The job cuts make Moralis the latest crypto firm to slash headcount as the industry continues to grapple with collapses and the bear market. Other companies cutting jobs in recent weeks include Coinbase, Crypto.com, Blockchain.com, ConsenSys and Genesis.

"We understand that this is a challenging time for each person impacted. The senior management team is committed to providing generous severance packages and conducting this process with empathy and transparency," Liljeqvist said. "Despite the difficulties in the market, we remain confident in both the strength of our mission and the opportunities in front of us."