- Ava Labs founder and CEO Emin Sirer announced that the company has laid off a number of its employees.
- The firm is downsizing from a 12-person start-up, affecting 12% of the workforce.
- OpenSea and Chainalysis have also laid off a significant part of their staff recently.
Earlier today, founder and CEO of Ava Labs, Emin Gun Sirer, confirmed via a post on X that the company laid off 12% of its workforce. He further added that Ava Labs is no longer a 12-person start-up, however, it aims “to capture the speed and energy of a small, nimble team.”
Sirer also mentioned the downsizing has enabled the firm to “reallocate” resources to focus on expanding Ava Labs and growing the Avalanche ecosystem. He expressed his gratitude to “everyone who contributed” to the project and further noted,
“Bear markets are difficult to navigate. Ava Labs is fortunate to have significant runway and resources at our disposal, and we will be focusing those resources on advancing the Avalanche ecosystem for years to come.”
Garrison Yang, the Vice President of Growth and Strategy at Ava Labs, also posted on X on November 7 that the layoffs impacted a significant number of individuals in the company’s marketing department. Meanwhile, the Gaming Growth Marketing head also announced their departure from Ava Labs while being “open to explore opportunities in marketing or operations.”
The crypto winter has forced many layoffs in 2023, including the crypto analytics company Chainalysis’ recent downsizing. On October 3, Coin Edition reported that the company decided to part ways with nearly 15% of its employees. A Chainalysis representative stated the need to reduce costs in response to the current market conditions. Moreover, Bloomberg highlighted that previous layoffs in 2023 affected less than 5% of the company’s staff, consisting of around 900 employees at the time.
Similarly, last week leading NFT marketplace OpenSea laid off almost half of its staff as per sources. Devin Finzer, one of the co-founders and the CEO of OpenSea shared an X thread “saying goodbye to a number of OpenSea teammates.” Finzer added that the company has restructured its team with the goal of launching an advanced iteration of the marketplace.
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