Ava Labs Reduces Workforce Amid Bear Market
Ava Labs, the leading developer of the Avalanche blockchain, has recently announced a reduction in its workforce, affecting 12% of its employees. The move comes as a response to the ongoing challenges presented by the bear market in the cryptocurrency industry.
The company’s founder and CEO, Emir Gün Sirer, confirmed the job cuts on X, stating that the decision was made to reallocate resources towards the growth of the firm and the expansion of the Avalanche ecosystem.
Restructuring to Drive Growth
“Bear markets are difficult to navigate,” said Sirer, adding that the company is fortunate to have significant resources, which will now be utilized to advance the Avalanche platform. He pointed out that while the team may be smaller, their goal is to maintain the speed and energy of a small, nimble team.
“We are no longer a 12 person startup, but we strive to capture the speed and energy of a small, nimble team…I am deeply thankful to everyone who contributed to Ava Labs and helped champion the Avalanche ecosystem. Let’s not forget the immense progress and impact this team has made across every stretch of our industry,” Sirer stated.
The CEO’s announcement followed revelations from former Ava Labs employees who were affected by the job cuts. This included Garrison Yang, the company’s former vice president of growth and strategy, who stated that the headcount slash impacted many members of the marketing team. Zach Manafort, a now-ex-gaming growth marketer, also confirmed Yang’s statement, expressing his empathy for all those affected by the decision.
According to Ava Labs’ LinkedIn profile, the company currently employs around 335 individuals. With the 12% reduction in workforce, approximately 40 employees have parted ways with the company.
Industry-wide Impact
Ava Labs is not the only crypto firm facing the challenges of the bear market. Many companies in the cryptocurrency industry have undergone similar workforce reductions in the wake of the persisting market conditions.
Just recently, OpenSea, a well-known non-fungible token marketplace, announced a 50% reduction in its headcount as part of its efforts to restructure and rebuild its business. Additionally, Chainalysis, a blockchain analytics platform, conducted a second round of layoffs, parting ways with 150 employees out of its 900.
Other prominent firms such as Binance, Dapper Labs, Luno, and Crypto.com have all faced similar situations, with significant layoffs implemented in response to the challenging market conditions.
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About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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