Immutable carries out second round of layoffs in seven months, cuts 11%: SMH
Quick Take
- Immutable’s CEO sent a note to staff saying it would cut headcount by 11%, according to a report.
- The company will now outsource some of the more traditional aspects of its business in order to focus more on web3 and blockchain development.
Australian blockchain gaming firm Immutable cut 11% of its staff — the second round of layoffs since the end of July — according to the Sydney Morning Herald.
The cuts were blamed on the need to elongate the company's runway and put resources toward its most important projects, the report said — citing a note to staff from CEO James Ferguson.
Changes will also include outsourcing the development of the more traditional aspects of its games to partners to focus on the web3 components and reorganizing some of its divisions.
Cuts last summer from the developer, which makes blockchain trading card game Gods Unchained, hit "more than 20" employees — or around 8% of the business's total headcount.
Immutable did not immediately respond to a request for comment.
Founded in 2018, the studio has built a reputation for being one of the pioneers of blockchain and NFT gaming — attracting bumper funding rounds and high valuations. The news follows an announcement in June that the company is launching a $500 million fund for web3 game adoption.
It also raised $200 million in Series C funding in March, reaching a $2.5 billion valuation. It has previously received backing from big-named players such as Coinbase Ventures, Animoca Brands, Tencent and Temasek.
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