Tech
Polkadot Blockchain Developer Parity Technologies Lays Off 30% of Staff
Image: Shutterstock, Decrypt
Parity Technologies, the company behind the Polkadot blockchain, is cutting 30% of its workforce, or about 100 employees, amid a wave of widespread job cuts across the cryptocurrency industry.
See related article: Chainalysis Cuts 150 Employees
Quick Facts
- The decision to lay off staff comes as Parity attempts to refocus on its core services, namely the Polkadot blockchain and cryptocurrencies.
- Most of the cuts will be in the marketing and business development departments.
- Parity CEO Björn Wagner said Bloomberg Through a spokesperson, the company intends to allow affected employees to continue contributing to Polkadot.
- Wagner said Parity’s financial health and regulatory commitment “remain strong.”
- Polkadot’s DOT token has a market cap of $5.3 billion and is ranked 13th among non-stablecoin cryptocurrencies.
- The token has fallen 40% from its yearly high in February, amid a downturn across the entire cryptocurrency market.
- Parity had previously hinted at the layoffs in a social media post that said Parity was “leaving its merchandising functions.”
- Other cryptotech companies, such as Polygonal laboratories AND Circlehas also announced job cuts over the past year. The DeFi sector, including decentralized exchanges and peer-to-peer lenders, has faced challenges amid declining risk appetite and cryptocurrency market volatility.
See related article: Binance.US Cuts One-Third Workforce; CEO Brian Shroder Resigns