RDX Works, the team behind the Radix DeFi platform, has reduced its workforce by 15%. CEO Piers Ridyard shared the news on Thursday via Telegram, stating that the decision is part of a broader cost-cutting strategy.
He emphasized that these layoffs are vital to a larger strategy that includes significant organizational changes. Consequently, the company is shifting its focus to streamline operations and better position itself to adapt to evolving market dynamics.
Ridyard assured that essential projects at RDX, including Flash Liquidity, the Cassandra test network, and multifactor account persona control and recovery (MFA), are unlikely to be affected by the recent changes. However, he acknowledged the possibility of short-term disruptions in usual contacts or interactions with RDX Works.
The recent staff layoffs at RDX Works come on the heels of a newly announced strategic partnership. The company recently teamed up with Keyrock, G-20, and Portofino to launch “Flash Liquidity” on the Radix platform. This project is expected to significantly boost token liquidity and asset availability within the DeFi ecosystem.
Keyrock, a crypto market-making and liquidity firm based in Brussels and supported by Ripple, SIX Fintech Ventures, and Middle Games Ventures, plays a significant role in the project. They offer on-chain liquidity, market making, OTC services, and venture investments, working with over 85 trading venues and prominent Web3 partners like Binance, HTX, Kraken, and Crypto.com.
Ridyard highlighted the challenges in DeFi, noting that the fragmented nature of crypto liquidity forces users to navigate multiple wallets and blockchains, leading to approximately 420 million users on centralized exchanges versus just 5 million in DeFi. Flash Liquidity aims to resolve this by creating a unified DeFi hub that offers centralized exchange-like liquidity and pricing within a single, cohesive ecosystem.
In support of this initiative, Juan David Mendieta, CSO of Keyrock, remarked,
“While intent-based trading platforms like COW Swap are growing, their asset diversity remains limited. Flash Liquidity removes these constraints, allowing DeFi liquidity and asset diversity to better compete with centralized exchanges. We are excited to partner with RDX Works on this groundbreaking project.”
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