Significant Workforce Reduction at Ava Labs
Ava Labs, the primary developer behind the Avalanche blockchain, recently announced a significant reduction in its workforce, affecting approximately 12% of its employees. The decision to downsize came as a response to the challenges posed by the current bear market conditions, according to Emin Gün Sirer, the founder and CEO of Ava Labs.
Impact On The Ava Labs Team
Ava Labs currently boasts a workforce of 335 employees, implying that roughly 40 individuals within the organization were impacted by the layoffs. While specific details about which departments were affected are limited, Garrison Yang, Ava Labs’ vice president of growth and strategy, hinted that a significant portion of the layoffs might have originated from the marketing team.
The move to trim their workforce was met with mixed reactions, and former employees have started to share their experiences. For instance, in a post on a community forum dated Oct. 6, Zach Manafort, a former member of the game growth marketing team, disclosed that he was among those laid off.
Expanding Business Horizons
These developments occurred shortly after Ava Labs made an announcement last month about expanding its business operations in India. The company hired two former employees from Polygon and OKX, marking its first-ever full-time hires based in India. The decision was seen as part of Ava Labs’ broader strategy to strengthen its presence and offerings in the Indian market.
Remarkably, despite the internal restructuring and the news of layoffs, the price of the Avalanche token (AVAX) remained relatively unfazed. At the time of the announcement, AVAX was trading at $12.81 according to CoinGecko.
Hot Take: Ava Labs Adapts Amidst Layoffs and Expansion
The decision to downsize the workforce is not unique to Ava Labs in the crypto industry as many organizations have been forced to adapt to volatile market conditions and evolving regulatory landscapes. However, Ava Labs remains optimistic about its ability to continue advancing the Avalanche ecosystem in the years to come.
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