New York, Wednesday, September 04, 2024 – Privacy-focused web startup Brave has laid off approximately 15% of its workforce, marking the second round of job cuts within the past year. The layoffs, affecting 27 employees, come as Brave’s native token, Basic Attention Token (BAT), has seen its value plummet by 91% since its peak in November 2021.
Despite boasting nearly 80 million monthly active users, Brave remains small compared to Google Chrome.
The recent layoffs may be linked to the rising costs of developing and maintaining AI services, following the introduction of Brave’s AI assistant, Leo.
BAT, which rewards users for viewing ads on the Brave browser, is down 6% on the day. Brave continues to offer a range of crypto services, including a native wallet and access to decentralized file storage through the InterPlanetary File System (IPFS).
Founded by Mozilla co-creator Brendan Eich in 2015, Brave has gained popularity within the crypto community for its emphasis on privacy and alternative web browsing.
However, the company’s financial challenges highlight the ongoing difficulties faced by crypto-focused firms amid market volatility.
Reports said that the layoffs highlight the broader challenges within the cryptocurrency sector, as companies grapple with fluctuating market conditions and the need to balance innovation with financial sustainability.
