Polkadot blockchain developer Parity Technologies has announced that it will be conducting layoffs as part of a strategic move to refocus on its core blockchain services. The DLT infrastructure company plans to cut around 30% of its workforce, approximately 100 employees, over a transition period of a few months.
The Shift in Focus
According to Björn Wagner, CEO of Parity, the company intends to shift its focus towards its technology developments. Most of the cuts will be made in the marketing and business development departments, as Parity aims to streamline its operations and concentrate on its core competencies.
Parity Technologies is known for its Polkadot protocol, which allows for interoperability between blockchains. This means that value and data can be sent across previously incompatible networks, such as Bitcoin and Ethereum. The protocol’s native cryptocurrency, the DOT token, is used for staking and governance, and currently holds a market value of $5.3 billion.
The Impact on the Crypto Industry
Parity Technologies is not the only blockchain firm to face layoffs in recent times. Yuga Labs, Ledger, and Chainalysis have all made similar moves this month, amidst the challenging market conditions of the crypto industry.
Chainalysis, a blockchain analytics company, announced a 15% reduction in its workforce earlier this month, citing market conditions and pay cuts. This follows a previous round of layoffs in February, where 5% of employees were let go. Yuga Labs, the company behind popular NFT projects like Bored Ape Yacht Club and CryptoPunks, has also revealed plans to downsize its staff and streamline operations.
Despite the layoffs, Parity Technologies remains confident in its financial health and regulatory engagement. CEO Björn Wagner expresses the company’s commitment to the success of Polkadot and reassures stakeholders of its strong position in the industry.
“Parity’s financial health and regulatory engagement remains robust, and we will continue to be focused on Polkadot’s success,” says Björn Wagner, CEO of Parity Technologies.
