OpenSea is the latest cryptocurrency company to announce layoffs, with CEO Devin Finzer disclosing that around 20% of the workforce is being let go, in a tweet on July 15.
In his Twitter thread, he disclosed the message he sent to his employees, where he stated that “an unprecedented combination of crypto winter and broad macroeconomic instability” was the reason behind the massive retrenchment.
“The reality is that we have entered an unprecedented combination of crypto winter and broad macroeconomic instability, and we need to prepare the company for the possibility of a prolonged downturn. The changes we’re making today put us in a position to maintain multiple years of runway under various crypto winter scenarios (5 years at the current volume), and give us high confidence that we will only have to go through this process once,”.
Finzer stated that the layoffs position the firm to withstand up to five years of poor circumstances at OpenSea’s present volume, with the intention of avoiding further job cutbacks.
“The folks leaving us are smart, hardworking, mission-driven individuals who’ve played an immeasurable role in growing OpenSea and the NFT space to where we are today. We will miss them and they will forever be part of our story and community”
“With the hard (but important) changes we made today, we’re in an even better position to capture what will soon become the largest market on the planet,” Finzer added.
OpenSea is one of several cryptocurrency organizations that have cut off or suspended employment in recent months. Gemini, Coinbase and Crypto.com have all recently announced layoffs.
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