- Parity Technologies, the blockchain infrastructure provider for Polkadot, is laying off 30% of its staff.
- The layoffs are part of a strategic shift to focus on technology development for Polkadot.
- The restructuring will affect teams involved in go-to-market efforts and will occur gradually over several months.
Parity Technologies, the key blockchain infrastructure provider behind the Polkadot network, is set to lay off 30% of its staff, which equates to around 100 employees. The decision is part of Parity’s strategic shift to enhance its focus on technology development supporting Polkadot.
The company is pivoting its core focus towards enhancing the blockchain technology that underpins Polkadot, a platform renowned for its ability to facilitate seamless communication between various blockchains.
Björn Wagner, CEO of Parity, confirmed this significant workforce restructuring with Bloomberg. Wagner, through a spokesperson, stated in an email that the affected teams will include those involved in go-to-market efforts.
Wagner emphasized, however, that this transition will occur over a span of several months. He stressed that Parity will actively support and empower affected employees to continue contributing to the Polkadot beyond their tenure.
Moreover, Parity CEO reassured stakeholders, stating:
Parity’s financial health and regulatory engagement remains robust, and we will continue to be focused on Polkadot’s success.
Earlier this month, Parity Technologies had hinted about the layoffs when they announced their strategic plan on shifting towards decentralization within the Polkadot ecosystem. In a string of posts on X, the team stated that the company “will be zeroing in on delivering Polkadot’s next-gen technology” and “is sunsetting its go-to-market functions.”
The native cryptocurrency of Polkadot, DOT, still holds a significant market value, despite recent declines, with approximately $5.3 billion in capitalization. However, it has dropped from its highest value of $55. The price has stabilized around $3.5 and has been recovering since October 19. Currently, it is trading above $4.
This development comes amidst the trend observed in other crypto tech companies, including Binance, Chainalysis, Kraken, Coinbase, Polygon Labs, and Circle, which have also announced downsizing their workforce.
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