Protocol Labs is the latest digital asset company to lay off staff, cutting 21% of its workforce to lower costs amid a challenging environment.
"As you know, this has been an extremely challenging economic downturn, world-wide and especially in crypto," founder Juan Benet wrote in a blog post. "High inflation leading to high interest rates, low investment, and tougher markets have rocked companies and industries globally. The macro winter worsened crypto winter, making it more extreme and potentially longer than our industry expected."
Protocol Labs cut 89 roles across teams. The company has also lowered costs over the past few quarters by reducing team budgets, infrastructure spending and investments.
Crypto and tech companies have been trimming workforces and cutting costs across the board in an effort to survive tough times. Last week, Digital Currency Group's Luno cut 35% of staff; Coinbase and Crypto.com trimmed 20%; and Genesis let go of 30%.
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