Immutable cuts 11% of workforce

						Array
(
    [ppma_authors_name] => Array
        (
            [0] => Alex
        )

    [classic-editor-remember] => Array
        (
            [0] => classic-editor
        )

    [_edit_lock] => Array
        (
            [0] => 1677080733:19
        )

    [_edit_last] => Array
        (
            [0] => 19
        )

    [_thumbnail_id] => Array
        (
            [0] => 31644
        )

    [_wp_page_template] => Array
        (
            [0] => default
        )

    [_prlipro-post-options] => Array
        (
            [0] => a:3:{s:14:"requested_slug";s:0:"";s:19:"hide_social_buttons";b:0;s:20:"disable_replacements";b:0;}
        )

    [_bsf_post_type] => Array
        (
            [0] => 0
        )

    [_bsf_item_review_type] => Array
        (
            [0] => none
        )

    [_yoast_wpseo_focuskw] => Array
        (
            [0] => Immutable
        )

    [_yoast_wpseo_metadesc] => Array
        (
            [0] => The Australian start-up has had to cut a significant portion of its staff to ensure that its cash reserves last longer.
        )

    [_yoast_wpseo_linkdex] => Array
        (
            [0] => 78
        )

    [_yoast_wpseo_content_score] => Array
        (
            [0] => 60
        )

    [_yoast_wpseo_estimated-reading-time-minutes] => Array
        (
            [0] => 2
        )

    [_yoast_wpseo_wordproof_timestamp] => Array
        (
            [0] => 
        )

    [post_introduction] => Array
        (
            [0] => The Australian start-up has had to cut a significant portion of its staff to ensure that its cash reserves last longer.
        )

    [_post_introduction] => Array
        (
            [0] => field_5e8bb40d3036a
        )

    [time_to_read] => Array
        (
            [0] => 2 mins read
        )

    [_time_to_read] => Array
        (
            [0] => field_5ea04c4ba2fca
        )

    [in_summary] => Array
        (
            [0] => 
        )

    [_in_summary] => Array
        (
            [0] => field_62542d4010cad
        )

    [ppma_disable_author_box] => Array
        (
            [0] => 0
        )

    [_yoast_wpseo_primary_category] => Array
        (
            [0] => 7
        )

    [_yoast_wpseo_primary_countries] => Array
        (
            [0] => 4642
        )

)

Updated February 22, 2023 | Published February 22, 2023

2 mins read

The Australian start-up has had to cut a significant portion of its staff to ensure that its cash reserves last longer.

Australian crypto gaming company Immutable has made the decision to axe 11% of its workforce, the company said on Wednesday morning.

Immutable recently received $280m as part of a funding round and was valued at $3.5bn as of March 2022, making it one of the biggest crypto gaming start-ups out there.

However, its CEO and co-founder James Ferguson has said that the layoffs were necessary to ensure that the company’s cash reserves last longer and allow Immutable to move towards its most important projects.

“This is difficult news, and I am sorry to all Immutables impacted by these changes”, Ferguson told The Sydney Morning Herald and The Age in an email statement.

He expressed regret that the decision to lay off people would have a direct bearing on their livelihood and apologized.

This decision is partly motivated by poor results. For one, Immutable earned only $27m as per its last submission to the Australian Securities and Investments Commission.

This is in stark contrast to its $83m of expenses, which includes $45m paid to consultants, freelancers, and employees.

Another issue is that many of the crypto tokens the company holds are its own, and Immutable more or less helps determine the value of these tokens, which can be dangerous in the long-term and amid another bear market run.

However, Immutable told the media that there was nothing to worry about as of right now.

The company claims to hold $280m in cash on its balance sheet and was a long-term holder of its tokens in order to guarantee their stability.

Looking for your next crypto casino? Check out: Bitcasino or FortuneJack.

Written by Alex

Reporter

Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.
Best Casinos to play with…
Bitcoin
1
PLAY NOW
2
PLAY NOW
3
PLAY NOW
4
PLAY NOW
5
PLAY NOW
1
PLAY NOW
2
PLAY NOW
3
PLAY NOW
4
PLAY NOW
5
PLAY NOW
1
PLAY NOW
2
PLAY NOW
3
PLAY NOW
4
PLAY NOW
5
PLAY NOW
The Ledger: France toughens crypto stance, SEC goes after Coinbase
The Ledger: Crypto criminals face pressure, new regulation rolls in

Similar News

Flybondi 
								Array
(
    [0] => WP_Term Object
        (
            [term_id] => 8326
            [name] => Flybondi
            [slug] => flybondi
            [term_group] => 0
            [term_taxonomy_id] => 8326
            [taxonomy] => post_tag
            [description] => 
            [parent] => 0
            [count] => 1
            [filter] => raw
        )

    [1] => WP_Term Object
        (
            [term_id] => 8327
            [name] => Mauricio Sana
            [slug] => mauricio-sana
            [term_group] => 0
            [term_taxonomy_id] => 8327
            [taxonomy] => post_tag
            [description] => 
            [parent] => 0
            [count] => 1
            [filter] => raw
        )

    [2] => WP_Term Object
        (
            [term_id] => 5246
            [name] => NFT
            [slug] => nft
            [term_group] => 0
            [term_taxonomy_id] => 5246
            [taxonomy] => post_tag
            [description] => 
            [parent] => 0
            [count] => 270
            [filter] => raw
        )

)

Flybondi airline to issue NFT tickets

31/03/2023|18:30

The Argentinian airline Flybondi plans to integrate into web3 by issuing e-tickets as NFTs. The new integration, named Ticket 3.0,...
Ben Ng 
								Array
(
    [0] => WP_Term Object
        (
            [term_id] => 8324
            [name] => Ben Ng
            [slug] => ben-ng
            [term_group] => 0
            [term_taxonomy_id] => 8324
            [taxonomy] => post_tag
            [description] => 
            [parent] => 0
            [count] => 1
            [filter] => raw
        )

    [1] => WP_Term Object
        (
            [term_id] => 8325
            [name] => Curt Shi
            [slug] => curt-shi
            [term_group] => 0
            [term_taxonomy_id] => 8325
            [taxonomy] => post_tag
            [description] => 
            [parent] => 0
            [count] => 1
            [filter] => raw
        )

    [2] => WP_Term Object
        (
            [term_id] => 5226
            [name] => metaverse
            [slug] => metaverse
            [term_group] => 0
            [term_taxonomy_id] => 5226
            [taxonomy] => post_tag
            [description] => 
            [parent] => 0
            [count] => 86
            [filter] => raw
        )

    [3] => WP_Term Object
        (
            [term_id] => 8322
            [name] => ProDigital Future
            [slug] => prodigital-future
            [term_group] => 0
            [term_taxonomy_id] => 8322
            [taxonomy] => post_tag
            [description] => 
            [parent] => 0
            [count] => 1
            [filter] => raw
        )

    [4] => WP_Term Object
        (
            [term_id] => 8323
            [name] => Saif Partners
            [slug] => saif-partners
            [term_group] => 0
            [term_taxonomy_id] => 8323
            [taxonomy] => post_tag
            [description] => 
            [parent] => 0
            [count] => 1
            [filter] => raw
        )

    [5] => WP_Term Object
        (
            [term_id] => 5510
            [name] => web3
            [slug] => web3
            [term_group] => 0
            [term_taxonomy_id] => 5510
            [taxonomy] => post_tag
            [description] => 
            [parent] => 0
            [count] => 53
            [filter] => raw
        )

)

ProDigital Future to raise $100m for Hong Kong crypto...

31/03/2023|17:47

Hong Kong-based fund ProDigital Future aims to raise $100m this year to invest in digital asset start-ups in a quest...
Aiden Pleterski 
								Array
(
    [0] => WP_Term Object
        (
            [term_id] => 7125
            [name] => Aiden Pleterski
            [slug] => aiden-pleterski
            [term_group] => 0
            [term_taxonomy_id] => 7125
            [taxonomy] => post_tag
            [description] => 
            [parent] => 0
            [count] => 4
            [filter] => raw
        )

    [1] => WP_Term Object
        (
            [term_id] => 197
            [name] => Binance
            [slug] => binance
            [term_group] => 0
            [term_taxonomy_id] => 197
            [taxonomy] => post_tag
            [description] => 
            [parent] => 0
            [count] => 159
            [filter] => raw
        )

    [2] => WP_Term Object
        (
            [term_id] => 5164
            [name] => Changpeng Zhao
            [slug] => changpeng-zhao
            [term_group] => 0
            [term_taxonomy_id] => 5164
            [taxonomy] => post_tag
            [description] => 
            [parent] => 0
            [count] => 35
            [filter] => raw
        )

    [3] => WP_Term Object
        (
            [term_id] => 5216
            [name] => crypto.com
            [slug] => crypto-com
            [term_group] => 0
            [term_taxonomy_id] => 5216
            [taxonomy] => post_tag
            [description] => 
            [parent] => 0
            [count] => 68
            [filter] => raw
        )

    [4] => WP_Term Object
        (
            [term_id] => 7372
            [name] => Matt Damon
            [slug] => matt-damon
            [term_group] => 0
            [term_taxonomy_id] => 7372
            [taxonomy] => post_tag
            [description] => 
            [parent] => 0
            [count] => 3
            [filter] => raw
        )

    [5] => WP_Term Object
        (
            [term_id] => 4984
            [name] => NASDAQ
            [slug] => nasdaq
            [term_group] => 0
            [term_taxonomy_id] => 4984
            [taxonomy] => post_tag
            [description] => 
            [parent] => 0
            [count] => 4
            [filter] => raw
        )

    [6] => WP_Term Object
        (
            [term_id] => 1050
            [name] => roobet
            [slug] => roobet
            [term_group] => 0
            [term_taxonomy_id] => 1050
            [taxonomy] => post_tag
            [description] => 
            [parent] => 0
            [count] => 7
            [filter] => raw
        )

    [7] => WP_Term Object
        (
            [term_id] => 5219
            [name] => Snoop Dogg
            [slug] => snoop-dogg
            [term_group] => 0
            [term_taxonomy_id] => 5219
            [taxonomy] => post_tag
            [description] => 
            [parent] => 0
            [count] => 7
            [filter] => raw
        )

    [8] => WP_Term Object
        (
            [term_id] => 5710
            [name] => telegram
            [slug] => telegram
            [term_group] => 0
            [term_taxonomy_id] => 5710
            [taxonomy] => post_tag
            [description] => 
            [parent] => 0
            [count] => 6
            [filter] => raw
        )

    [9] => WP_Term Object
        (
            [term_id] => 2465
            [name] => tether
            [slug] => tether
            [term_group] => 0
            [term_taxonomy_id] => 2465
            [taxonomy] => post_tag
            [description] => 
            [parent] => 0
            [count] => 14
            [filter] => raw
        )

    [10] => WP_Term Object
        (
            [term_id] => 4882
            [name] => The Ledger
            [slug] => the-ledger
            [term_group] => 0
            [term_taxonomy_id] => 4882
            [taxonomy] => post_tag
            [description] => 
            [parent] => 0
            [count] => 91
            [filter] => raw
        )

    [11] => WP_Term Object
        (
            [term_id] => 4947
            [name] => US Commodity Futures Trading Commission
            [slug] => us-commodity-futures-trading-commission
            [term_group] => 0
            [term_taxonomy_id] => 4947
            [taxonomy] => post_tag
            [description] => 
            [parent] => 0
            [count] => 10
            [filter] => raw
        )

)

The Ledger: CFTC goes after Binance, Nasdaq reveals crypto...

31/03/2023|16:24

Binance been assailed by the Commodity Futures Trading Commission (CFTC) which has called out the exchange on “willful evasion of...