Parity Technologies, the company behind the Polkadot blockchain platform, plans to cut its headcount by around 30%, or approximately 100 employees.
As Parity shifts its primary attention to improving the technology that powers Polkadot, this choice will have an impact on numerous teams, particularly those involved in marketing and promoting their goods.
Polkadot is a platform that allows multiple networks to communicate with one another. Björn Wagner, the company’s CEO, announced the shift in focus in an email message on Monday.
According to Wagner, “Approximately 30% of our less than 400 staff will see their functions or contracts sunset at Parity over a transition period of a few months.”
Wagner went on to say, “Over this period, we will be doubling down on our efforts to enable those affected to continue to contribute to Polkadot beyond their tenure at Parity and we are excited to already see initiatives beginning to take shape.”
According to CoinGecko, Polkadot’s DOT token is presently valued $5.3 billion in the cryptocurrency market, ranking it as the 15th largest cryptocurrency. According to Bloomberg it has dropped significantly, by roughly 40%, from its peak this year, which happened in February,
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