Protocol Labs, the creator of decentralized storage network Filecoin, has cut 21% of its staff.
The open-source research and development lab has joined the list of cryptocurrency firms making employment cuts.
Protocol Lab CEO Juan Benet announced the plan to cut 98 jobs, equating to 21% of its employees, in what it called a “strategic focus to weather the crypto winter”.
“This has been an extremely challenging economic downturn, worldwide and especially in crypto”, Benet wrote.
“High inflation leading to high-interest rates, low investment, and tougher markets have rocked companies and industries globally. The macro winter worsened crypto winter, making it more extreme and potentially longer than our industry expected.”
Around 2,806 staff cuts were made in the crypto industry in January alone, amounting to the same percentage of cuts in 2022 that reached roughly 41%.
Last month, Coinbase CEO Brian Armstrong announced the “difficult decision” to reduce the company’s operating expenses by 25%, letting go of 950 workers.
The reduction comes after the company cut 1,100 staff members in June last year, followed by a further 60 redundancies in November.
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