Filecoin Parent Company Protocol Labs Cuts 21 percent of Staff

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Filecoin Parent Company Protocol Labs Cuts 21% of Staff

The company cited the present economic condition and cryptocurrency winter as the reasons behind its decision.

Protocol Labs, the company behind decentralized file storage network Filecoin, is laying off 21 percent of its staff, CEO Juan Benet announced in a blog  post on Friday.

Benet cited an “ incredibly challenging economic downturn,” particularly for corporations in the cryptocurrency space as the reason behind the cuts, which forced the company to lower costs to weather the new environment, he said.

“High inflation leading to high interest prices, low financing and tougher markets have rocked corporations and industries globally,” he wrote. “The macro winter worsened cryptocurrency winter, making it more extreme and potentially longer than our industry expected.”

Procotal Labs will cut 89 roles across plenty of teams, including corporate, member services and network goods, between others. The blog  post did not say if layoffs at other corporations under the company’s umbrella, including Filecoin, were affected.

The cryptocurrency industry persists to be hit hard by layoffs, with almost 29,000 jobs cut since April.

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