What is known about layoffs
First of all, we note that along with the above dismissals, co-founder Austin Woodward resigned. He will be replaced by Lindsey Argalas, the company's chief operating officer.
At the end of last year, the startup already had cuts. Then about 15% of employees were fired. At the end of the summer of 2021, the startup was able to raise about $130 million in Stage B funding. He was able to join the unicorns, receiving an estimate of more than $1.3 billion. Then the company wanted to double the number of employees.
Note that the reason for the dismissals was cryptozima. Despite the fact that, according to experts, it is already leaving, many sites could not survive it. Therefore, a huge number of companies have already made a statement about reducing the number of their employees. These include such large platforms as Coinbase, Bittrex, Bockchain.info and others.