Cosmos developer Ignite sees mass exodus and layoffs as CEO Exits
Cosmos developer Ignite sees mass exodus and layoffs as CEO Exits
- Two other top executives together with CEO Peng Zhong left the Cosmos developer, four months after he was renamed "Tendermint".
- Notes on layoffs at Ignite were first dropped in May when the former CEO Jae Kwon returned
The dark wave of layoffs in industry continues to flood the crypto landscape, with the Cosmos blockchain developer Ignite (formerly Tendermint) being the youngest downsist.
peng zhong, CEO of IGNITE, said Friday that he officially left the company. The company's number of employees was reduced by over 50 %, Coindesk , citing two former employees and one source close to the matter.
While some were released, others voluntarily went to exchange for severance payments, added the report.
According to an update from February, Ignite's number of employees was 120. After the recently reported layoffs, almost 60 employees left the company.
Coindesk said two other unnamed top executives joined Zhong and left Ignite. Your departures take place four months after the company renamed as part of a reorganization.
The company was founded in 2014 by the co-founders Jae Kwon and Ethan Buchman and is primarily known for its role in the establishment of the blockchain protocol Cosmos.
Today is my last day at Ignite. Thank you for the camaraderie that we shared when building this ecosystem. It was an honor for me to be part of this team and this community. I will miss you.
- peng zhong (@zcpeng) 1. July 2022
Kwon left his role as CEO in 2020, since he had concerns about exercising too much"> Authority But in May he returned to the company back Separate units-separate units- Ignite and Newtendermint.
A source announced Coindesk that the layoffs were first indicated while Kwon's return in May. They said details about the new organizational structure between Ignite and Newtendermint were unclear for several weeks.
According to reports, the employees were given the opportunity to apply to Newtendermint. Those who did not do this were told that they would be invited to join a revised version of Ignite-a company called Cosmos Cash, which reflected the Bitcoin Hard Fork, which Bitcoin Cash produced in 2017.reports that not all employees would make a reduction.
ignite burdened by the collapse of the Cosmos Prize
The downturn on the cryptocurrency markets is said to have originally worsened by Kwon's forecast job cuts.
The native token atom of Cosmos has fallen by 73 % this year and fell by $ 8.01 on Monday at 5:00 a.m. ET, data from Blockworks research an.
Zhong did not announce who will follow him as a CEO, which the concern was that the management of Ignite could be at stake. Ignite and Kwon did not immediately respond to the request from Blockworks after a comment.
Ignite joins a number of other top -class names, the employees are released, including Celsius, Blockfi, Coinbase, Gemini, Crypto.com and Vauld.
The markets for cryptocurrencies have lost 60 % of their collective value over the course of the year, whereby the leading digital asset Bitcoin fell from $ 46,300 to less than $ 20,000
"The narrative remains bearish with everything that is possible [Bitcoin Price Range from] $ 20,000 to $ 10,000," wrote analysts from Digital Asset Investment Management in A last report . "But maximum pain in Bitcoin generally means maximum chance. There will be a time when the negative messages expire."
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The contribution Cosmos Developer Ignite Sees Mass Exodus and Discussions As CEO Exits is not a financial advice.
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