Crypto startup Ava Labs has laid off a substantial portion of its workforce Monday, impacting the company’s communications and marketing teams. Garrison Yang, VP of Growth and Strategy at Ava Labs, wrote on Twitter that the cuts affected “many people.” Multiple executives and spokespeople at Ava Labs have yet to respond to Decrypt’s inquiries. The long-lasting crypto recession has resulted in multiple rounds of layoffs at crypto companies this year and last, leaving many firms struggling until the next crypto spring.
This news comes as a surprise to many of the impacted employees, as they thought the company was turning a corner. It is suspected that the layoffs are part of a larger “restructuring” strategy. Last week, NFT marketplace OpenSea underwent a similar “restructuring,” laying off about 50% of its staff.
This news is concerning and shows the effects of the crypto recession. Many firms are struggling to hold on until the next crypto spring which appears to be far away. #crypto #layoffs #restructuring #AvaLabs
You can read more about this topic here: Decrypt: Ava Labs Employees Report Layoffs, ‘Many People’ Affected