NEAR Foundation Announces Staff Reductions
The NEAR Foundation has made the decision to lay off around 40% of its team, affecting 35 jobs across marketing, communication, and business development departments. The move comes as a response to feedback from the NEAR Foundation Council, which highlighted the need for more efficiency and focus within the organization. Illia Polosukhin, CEO of NEAR Foundation, emphasized that the engineering team will continue to operate normally and that support will be provided to affected employees. Despite the staff reductions, the foundation’s treasury remains strong with significant holdings in fiat, NEAR tokens, and investments and loans.
Industry-Wide Trend of Reorganizations
This announcement from NEAR Foundation follows a pattern seen in the crypto industry, with other firms also undergoing reorganizations involving layoffs. OpenSea, an NFT marketplace, recently downsized its workforce by 50% as part of a strategy focused on community and product. Similarly, Parity Technologies, the blockchain infrastructure provider behind Polkadot ecosystem, experienced organizational changes. However, Parity Technologies clarified that any workforce adjustments would be gradual and aligned with their new decentralized approach.
Hot Take: The Need for Streamlining Operations
As the crypto industry continues to evolve and mature, organizations like NEAR Foundation are recognizing the importance of streamlining operations to remain competitive and effective. By reducing their team size and focusing on high-impact activities, NEAR Foundation aims to improve efficiency and deliver better results. This move also reflects a broader trend in the industry where companies are reassessing their structures and strategies to adapt to changing market dynamics. As we move forward, it will be crucial for crypto projects to find the right balance between growth and sustainability while navigating an increasingly competitive landscape.
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