Protocol Labs Cuts 21% Of Workforce In Wake Of Crypto Winter

Zinger Key Points
  • PL lays off 89 employees amid challenging economic conditions.
  • Cost-cutting measures implemented to weather the "macro and crypto winter."

The creator of the company that launched Filecoin FIL, Protocol Labs, a technology company that develops computing infrastructure, has laid off 21% of its workforce, citing a global economic downturn and an extended cryptocurrency winter as reasons for the move.

The layoffs impacted PLGO teams including PL Corp, PL Member Services, Network Goods, PL Outercore, and PL Starfleet.

The affected employees will receive a standard severance package and placement services will be offered by the PL Talent team.

"To ensure teams are well positioned to weather this extended winter, we have to reduce costs further. Although we worked extremely hard to avoid this, we’ve made the difficult decision to reduce our workforce by 89 roles (approximately 21%)," said Juan Benet, the founder of Protocol Labs, in a blog post.

Also read: If Charlie Munger Spent '100 Hours Studying Problems' Outside The US, He Would Be More Bullish On Bitcoin Than I Am Says Michael Saylor

Benet also said the company will do everything possible to connect affected employees with new roles and opportunities in the PL network and beyond.

An all-hands meeting will be held on Monday to address any remaining questions and to look ahead, he added.

"The teams we’ve built over the past few years are full of tremendously talented, hardworking, and passionate people who have been integral to all our breakthroughs and accomplishments," said Benet.

"It is a huge loss to part with some of our teammates today."

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Photo: Shutterstock

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