{"id":5290,"date":"2023-10-25T09:52:23","date_gmt":"2023-10-25T09:52:23","guid":{"rendered":"https:\/\/infundpros.com\/markets\/crypto\/polkadot-blockchain-developer-parity-to-cut-30-workforce\/"},"modified":"2023-10-25T09:52:23","modified_gmt":"2023-10-25T09:52:23","slug":"polkadot-blockchain-developer-parity-to-cut-30-workforce","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=5290","title":{"rendered":"Polkadot Blockchain Developer Parity to Cut 30% Workforce"},"content":{"rendered":"
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Polkadot blockchain developer Parity Technologies is the latest blockchain firm to conduct layoffs.<\/p>\n

The DLT infrastructure company confirmed to Bloomberg that it would cut 30% of its employees \u2013 around 100 staff \u2013 in a move to refocus on its core blockchain services.<\/p>\n

According to Bj\u00f6rn Wagner, CEO of Parity, the company will eliminate around 100 staff from its total workforce of less than 400 over a \u201ctransition period of a few months.\u201d The move is part of its plan to shift the company\u2019s focus to its technology developments.<\/p>\n

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\u201cOver this period, we will be doubling down on our efforts to enable those affected to continue to contribute to Polkadot beyond their tenure at Parity and we are excited to already see initiatives beginning to take shape.\u201d<\/p>\n<\/blockquote>\n

The company added that most of the cuts would be in the marketing and business development departments. Early this month, the firm hinted about its layoff plans noting that Parity is \u201csunsetting its go-to-market functions.\u201d<\/p>\n

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Polkadot protocol connects blockchains allowing value and data to be sent across previously incompatible networks like Bitcoin and Ethereum. The DOT token, the native cryptocurrency of Polkadot, is used for staking and governance and has a market value of $5.3 billion.<\/p>\n

\u201cParity\u2019s financial health and regulatory engagement remains robust, and we will continue to be focused on Polkadot\u2019s success,\u201d Wagner added.<\/p>\n

Industry-Wide Layoffs Continue<\/h2>\n

Parity joins Yuga Labs, Ledger and Chainalysis, which have all laid off portions of their workforce this month, as the turbulent crypto winter has brought more clouds of uncertainty.<\/p>\n

Blockchain analytics company Chainalysis announced shedding 15% of its workforce, early this month, citing market conditions and pay cuts. This was the firm\u2019s second round of layoffs following a 5% job cut in February this year.<\/p>\n

Yuga Labs, the mastermind behind NFT giants Bored Ape Yacht Club and CryptoPunks, also recently revealed plans to fire staff to streamline their operations.<\/p>\n<\/p><\/div>\n