Qredo significantly reduces workforce, cuts 50 jobs
Crypto infrastructure provider Qredo has made significant job cuts, resulting in a reduction of about 35% of its workforce, according to sources. The layoffs included some senior executives, including the Chief Product Officer and the Chief Information Security Officer. The company’s revised headcount now stands at around 130 employees. Qredo attributed the layoffs to the prolonged bearish market conditions and stated that it will focus on its core protocol and web3 custody business. Qredo’s protocol acts as an asset registry on its Layer 2 blockchain Qredochain, generating revenue through transaction fees denominated in its QRDO token. The company also offers decentralized custody for decentralized assets through its dMPC network.
Key Points:
- Qredo has reduced its workforce by about 35%, cutting 50 jobs.
- The job cuts included some senior executives.
- The layoffs aim to focus on Qredo’s core protocol and web3 custody business.
- Qredo’s protocol acts as an asset registry on Qredochain and generates revenue through transaction fees.
- The company offers decentralized custody for decentralized assets through its dMPC network.
Hot Take:
The job cuts at Qredo reflect the challenging market conditions in the crypto industry. With the prolonged bearish market, companies are reevaluating their priorities and focusing on core areas. Qredo’s decision to streamline its workforce and concentrate on its protocol and custody services shows a strategic move to weather the crypto winter and position itself for future growth. By reducing expenses, Qredo aims to optimize its operations and strengthen its position in the market.
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