Dapper Labs Adds to Crypto Lay-Off After Axing 20% of its Workforce

February 25, 2023

MCP News Free

Dapper Labs Adds to Crypto Lay-Off After Axing 20% of its Workforce

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Even though the crypto market has demonstrated to an extent, some positive responses since stepping into 2023, the market strength is yet not enough to stop crypto firms’ layoffs.

Dapper Labs is the latest crypto firm to axe a certain percentage of its staff, according to a February 23 letter sent by the company’s CEO to team members.

In the letter by the CEO Roham Gharegozlou sent the letter, the firm is planning a restructuring and part of the plans to do this is by laying off some staff.

“As part of this restructure, we have made the difficult decision to part ways with team members representing 20% of full-time employees,” Gharegozlou noted in the letter.

In less than two years, especially during the peak of the NFT markets, Dapper Labs has been proliferating, bringing up its staff level to 600 from 100 employees.

Dapper Labs is the company behind Flow blockchain, UFC StrikeA NFL All Day, CryptoKitties, and NBA Top Shot. Dapper Labs uses blockchain technology to bring NFT and new forms of digital engagement to fans globally.

In the letter, the company’s CEO noted that the company “remains in a strong cash position with no outstanding debt.” He furthered that the company is committed to its flagship products and is tremendously excited about several major projects to be launched this year.

The affected staff will be assisted with “generous compensation, health continuation benefits, extended exercise windows for equity stock options, and mental health benefits as well as job search support.”

This is however the second lay off by Dapper Labs since the beginning of the crypto crash in 2022. In November, the company announced the layoff of 22% of its staff.

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