Last Updated on November 7, 2023 by Bitfinsider
Ava Labs, a cryptocurrency business that supports the Avalanche blockchain network, fired a sizable number of employees on Monday.
Emin Gün Sirer, the founder and CEO of Ava Labs, announced via Twitter that the company had let go of 12% of its staff, freeing up funds to “reallocate resources to double down on the growth of our firm and the Avalanche ecosystem.”
“Bear markets are difficult to navigate,” he stated. “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.”
Ava Labs’ vice president of growth and strategy, Garrison Yang, stated on Twitter on Monday afternoon that “many people” in the marketing department were impacted by the layoffs. One of the laid-off employees noted that “so many others” have been affected by the layoffs.
Although it’s yet unknown if Monday’s cuts have affected the company’s technical staff, all indications point to a sweeping round of layoffs that caught many employees off guard even in the brutally negative crypto market right now.
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