Protocol Labs Fires 89 Employees Despite $257M Funding

• Protocol Labs – an early pioneer of blockchain and web3 technology – has let go of more than 89 people, which amounts to roughly one-fifth of its present staff count.
• The firm is backed by financial players like Andreesen Horowitz and recently earned $257 million in new funding.
• Many crypto-centered companies over the past few months are having to release several people from employment to contend with dipping crypto market sentiment.

Protocol Labs Lets Go Of A Fifth Of Its Employees

Protocol Labs – an early pioneer of blockchain and web3 technology – has let go of more than 89 people, which amounts to roughly one-fifth of its present staff count. This decision was made due to the current market conditions and the overall bearish sentiment in the digital currency industry, resulting in more than 26,000 employees being laid off across the sector.

Company Was Recently Funded With $257 Million

The company is backed by well-known financial institutions such as Andreesen Horowitz and recently earned more than $257 million in new funding via an initial coin offering (ICO). Despite this huge surge in financial revenue, Protocol Labs claims it is not able to keep all its current employees onboard due to macroeconomic challenges related to Filecoin dynamics.

Employees Will Still Be Taken Care Of

Despite these layoffs, executives at Protocol Labs have assured that those leaving will still be taken care of. They will continue receiving pay after their last days with the firm, as well as COBRA-related healthcare benefits, immigration support and job placement support.

Many Crypto Companies Experiencing Layoffs

This situation isn’t unique amongst cryptocurrency companies; many others such as Huobi Global, Coinbase, and Gemini have had to make similar decisions in response to a bearish crypto market sentiment over the past few months.

Conclusion

In conclusion, while Protocol Labs may be letting go of a fifth of their staff due a bearish crypto market sentiment that is affecting many other cryptocurrency companies right now; they are still taking care of their employees through various payments, benefits and placement services even after they are no longer employed with them.