Ava Labs, a crypto startup and the leading developer of the Avalanche blockchain has laid off 12% of its workforce amid the persistent bear market.the job cuts on X, stating that the move would allow the management to reallocate resources to the growth of the firm and the expansion of the Avalanche ecosystem.“Bear markets are difficult to navigate,” said Sirer, adding that Ava Labs is lucky to have significant resources at its disposal.
“We are no longer a 12 person startup, but we strive to capture the speed and energy of a small, nimble team…I am deeply thankful to everyone who contributed to Ava Labs and helped champion the Avalanche ecosystem. Let’s not forget the immense progress and impact this team has made across every stretch of our industry,” Sirer stated.
The CEO’s tweet came after Ava Labs’ former employees revealed they were affected by the job cut. One of the impacted workers, Garrison Yang, who was the vice president of growth and strategy at the company,that the headcount slash affected many people in the marketing team. The now-ex-gaming growth marketer and content creator Zach Manafort confirmed Yang’s words,Ava Labs is not the only crypto firm that has felt the harshness of the bear market that has persisted this year.
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