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.
See related article: Chainalysis cuts 150 employees
Fast Facts
- 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 $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.
See related article: Binance.US cuts one-third of workforce; CEO Brian Shroder steps down
