Filecoin creator Protocol Labs announces layoffs amid crypto winter and economic downturn

Protocol Labs, the company behind the file storage blockchain network Filecoin, announced on February 3 that it would be furloughing and laying off many of its employees. CEO Juan Bennett writes in a blog post titled “Focusing Our Strategy to Weather Crypto Winter”, and goes on to explain the entire process or speak in support of that process. In this post, he considered the cryptocurrency industry to be particularly hard, warning that it is “extremely challenging and the economic downturn” is definitely going to get worse in the coming days. Bennett wrote that, “the macro winter certainly worsened the blackout industry, leaving our industry certainly in more extreme conditions and potentially longer”.
The description of the blog post states that we have worked hard to avoid this and have certainly paid off, but we have decided to reduce our “work force to 89 roles, which works out to approximately 21%”. have taken.” “It also affects individuals on PLGO teams (PL Corp, PL Member Services, Network Goods, PL Outer Core, and PL Starfleet) and we are most likely to see the most powerful and orderly efforts and our workforce against them Had to focus on.
QProtocol Labs has joined their list of cryptocurrency industry businessmen who have certainly implemented layoffs and laid off other employees as well. Speaking of which, other cryptocurrency and blockchain focused companies like Candy Digital,, OpenSea, Huobi and Gemini have also cut their workforce. Certainly the process of layoffs started last year in the entire industry and this process is going on till 2023. In his Friday blog post, Bennett said that “the changes will be difficult for all Laborers” and that the company will host a “PLGO All Hands” meeting and answer any questions on Monday. Filecoin’s native cryptocurrency, FIL, is currently ranked #35 in the crypto economy by market capitalization. As of Saturday, February 4th, 2023, FileCoin (FIL) had a market valuation of approximately $2.11 billion, with a global trading volume of approximately $136 million in the last 24 hours. FIL has gained 65.7% against the US Dollar in the last 30 days and has outperformed major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH). Despite a 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. On February 4th, 2023 at 3:30 PM, FIL was trading for $5.59 per unit. The trading continues but currently we can say that the layoff process is being implemented by the companies and surely this process is going to come. It is also being implemented in time as it has become necessary to cover the recession in the industry that everyone is firing employees and there is no doubt that the firing process is certainly not unique to any one company. It is being implemented globally.


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