{"id":17294,"date":"2023-02-05T08:50:19","date_gmt":"2023-02-05T08:50:19","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/filecoin-creator-protocol-labs-announces-layoffs-amid-crypto-winter-and-economic-downturn-bitcoin-news\/"},"modified":"2023-02-05T08:50:19","modified_gmt":"2023-02-05T08:50:19","slug":"filecoin-creator-protocol-labs-announces-layoffs-amid-crypto-winter-and-economic-downturn-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/filecoin-creator-protocol-labs-announces-layoffs-amid-crypto-winter-and-economic-downturn-bitcoin-news\/","title":{"rendered":"Filecoin Creator Protocol Labs Announces Layoffs Amid Crypto Winter and Economic Downturn \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Protocol Labs CEO Juan Benet published a blog post on Friday announcing that 21% of the company\u2019s staff will be laid off. Protocol Labs is the creator of the blockchain network Filecoin. Benet emphasized in the blog post that it has been an \u201cextremely challenging economic downturn, worldwide, and especially in the crypto industry.\u201d<\/strong><\/p>\n

Protocol Labs Cuts Jobs in Response to Macro Winter and Crypto Market Decline<\/h2>\n

Protocol Labs<\/a>, the company behind the file storage blockchain network Filecoin<\/a>, announced on Feb. 3 that it will lay off a number of employees. CEO Juan Benet wrote a blog post, titled \u201cFocusing Our Strategy to Weather Crypto Winter,\u201d to explain the layoffs. He cited the \u201cextremely challenging economic downturn\u201d as hitting the crypto industry particularly hard. \u201cThe macro winter worsened crypto winter, making it more extreme and potentially longer than our industry expected,\u201d Benet wrote.<\/p>\n

\u201cAlthough we worked extremely hard to avoid this, we\u2019ve made the difficult decision to reduce our workforce by 89 roles (approximately 21%),\u201d the blog post details. \u201cThis impacts individuals across PLGO teams (PL Corp, PL Member Services, Network Goods, PL Outercore, and PL Starfleet). We\u2019ve had to focus our headcount against the most impactful and business critical efforts.\u201d<\/p>\n

Protocol Labs has joined the list of crypto industry businesses that have laid off employees during the \u201ccrypto winter.\u201d Other cryptocurrency and blockchain-focused companies, such as Candy Digital<\/a>, Blockchain.com<\/a>, Opensea<\/a>, Huobi<\/a>, and Gemini<\/a>, have also cut staff. The industry-wide layoffs began to pick up momentum last year and have continued into 2023. In his Friday blog post, Benet noted that the \u201cchanges will be tough for all Labbers\u201d and the company will host a \u201cPLGO All Hands\u201d meeting on Monday to answer any remaining questions.<\/p>\n

Filecoin\u2019s native cryptocurrency, FIL, is currently ranked #35 in the crypto economy based on market capitalization. As of Saturday, Feb. 4, 2023, filecoin\u2019s (FIL)<\/a> market valuation was approximately $2.11 billion, with global trade volume of about $136 million in the last 24 hours. FIL has gained 65.7% against the U.S. dollar in the past 30 days and outperformed leading cryptocurrencies like bitcoin (BTC)<\/a> and ethereum (ETH)<\/a>. Despite the 65.7% increase, FIL is still down more than 97% from its all-time high of $236 per coin, which was reached on April 1, 2021. At 3:30 p.m. Eastern Time on Feb. 4, 2023, FIL was trading for $5.59 per unit.<\/p>\n

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“PLGO All Hands”<\/a>, $136 million<\/a>, $2.11 billion<\/a>, $236 per coin<\/a>, $FIL<\/a>, 21<\/a>, 89 roles<\/a>, All time high<\/a>, Bitcoin<\/a>, Blockchain.com<\/a>, Blog Post<\/a>, business critical efforts<\/a>, Candy Digital<\/a>, CEO Juan Benet<\/a>, crypto industry<\/a>, crypto industry businesses<\/a>, Crypto Winter<\/a>, Ethereum<\/a>, Filecoin<\/a>, Gemini<\/a>, Global Trade Volume<\/a>, headcount<\/a>, Huobi<\/a>, increase<\/a>, layoffs<\/a>, Market Capitalization<\/a>, Market Valuation<\/a>, momentum<\/a>, native cryptocurrency<\/a>, Network Goods<\/a>, Opensea<\/a>, past 30 days<\/a>, PL Corp<\/a>, PL Member Services<\/a>, PL Outercore<\/a>, PL Starfleet<\/a>, PLGO teams<\/a>, Protocol Labs<\/a>, U.S. dollar<\/a><\/div>\n<\/div>\n

What are your thoughts on the layoffs at Protocol Labs and across the cryptocurrency industry? Share your thoughts in the comments below.<\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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