Ava Labs, the organization behind the Avalanche Blockchain, has announced a 12% reduction in its workforce in a bid to reallocate resources for expansion. This move has impacted around 40 employees, with many from the marketing team.
The company’s founder and CEO, Emin Gün Sirer, confirmed the layoffs on November 7. The decision was made to “double down on the growth of our firm and the Avalanche ecosystem,” Gün Sirer explained.
Despite the bear market, which can be challenging to navigate, Gün Sirer reassured that Ava Labs is well-positioned with significant resources readily available.
Several former Ava Labs employees, including Zach Manafort and Brandon Suzuki from the marketing unit, announced their layoffs on X (formerly Twitter). The downsizing comes as a surprise to many, including Manafort, who believed the company was just starting to ramp up.
This staff reduction follows a similar move by nonfungible token marketplace OpenSea, which recently slashed its staff by 50%. Despite the recent increase in the crypto market cap, job openings in the crypto industry remain scarce, according to Neil Dundon, founder of CryptoRecruit.
However, Kevin Gibson and Daniel Adler, founders of Proof of Search and Cryptocurrency Jobs, have noticed a slight surge in hiring within the crypto industry. They attribute this to firms aiming to secure talent before market conditions potentially improve in 2024.
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