Blockchain social media firm laying off staff following cryptocurrency price crash
Social media company Steemit is shedding over 70% of its workforce as the fall in crypto prices bites…
The significant pressure on the price of cryptocurrencies over the past few weeks in particular is starting to sting more than just investors. Whilst investors have been cutting their losses, the heavy losses experienced pretty much across the board have been taking their toll.
Blockchain social media platform Steemit is one of the first to reveal just how much the bite has been impacting them. In a post to YouTube, the CEO and founder of the firm, Ned Scott, has confirmed that the company is having to lay off nearly three quarters of its workforce as a consequence of market conditions.
“While we were building out our team over the last many months we have been relying on projections of basically a higher bottom for the market”, Scott said. “And since that’s no longer there, we’ve been forced to lay off more than 70% of our organisation and begin a restructuring”
He added in a separate blog post that “the remainder of the team is staying on to focus primarily on reducing the costs of the infrastructure running steemit.com and our public APIs, and ensuring that the community can remain informed of developments”.
He’s adamant that Steemit has a future, adding that he’s gone back to the drawing board to work out where to go next. Just what the next chapter of the Steemit story remains to be seen. Likewise, just who else the cryptocurrency price collapse is likely to affect.
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