LONDON, Oct. 30, 2023 – Parity Technologies, the company behind the Polkadot blockchain, is cutting 30% of its workforce, or about 100 employees, amid a widespread wave of layoffs across the crypto industry, a news report said last week.1
The staff layoffs come as part of Parity’s effort to shift its focus back to its core Polkadot blockchain and cryptocurrency services.
Most of the cuts will be in the marketing and business development departments.
However, Parity CEO Björn Wagner said in an email statement that the company’s financial health and regulatory engagement “remains robust.”1
“This was not an easy decision to make, but it is necessary to ensure that Parity is best positioned for long-term success,” Wagner said.
“We are committed to supporting our affected employees through this transition and helping them find new opportunities,” the report quoted Wagner as saying in the statement 2
The layoffs at Parity come as the crypto industry is facing a downturn. Bitcoin and other cryptocurrencies have seen their prices plummet in recent months, and many crypto companies are struggling to stay afloat.
Parity is not the only crypto company to lay off staff in recent months. Polygon Labs, Circle, and Binance US, have all announced job cuts in the past year.
- Bloomberg: https://www.bloomberg.com/news/articles/2023-10-23/polkadot-blockchain-developer-parity-to-eliminate-about-30-of-staff#xj4y7vzkg[↩][↩]
- Yahoo Finance: https://finance.yahoo.com/news/parity-technologies-polkadot-blockchain-developer-033212373.html[↩]
