OpenSea releases 20 % of the staff

"Each of the exit players played a crucial role on the journey of OpenSea," wrote Finzer. “The reality is that we have entered an unprecedented combination of crypto-winter and broad macroeconomic instability and we have to prepare the company for the possibility of a longer downturn.

OpenSea says that it will offer its dismissed employees "generous severance payments, health insurance in 2023 and accelerated transfer of shares for those who have not reached their cliff". Finzer said that he also planned to support departing employees when looking for a job.

According to Finzer, the layoffs Openea will enable the runway to maintain the runway during a crypto winter for five years.

"With the hard (but important) changes that we have made today, we are in an even better position to conquer the world's largest market ... Winter is our time to build," he wrote.

OpenSea joins a number of prominent crypto companies that reduce the staff during the Baisse.

At the beginning of June, the Gemini crypto exchange released 100 employees-an estimated 10 % of its workforce-together with the Crypto.com, based in Singapore, which reduced 5 % of its workforce, which corresponds to a reduction in the number of employees by 260. Weeks later, Blockfi announced the news that the staff will be reduced by 20 %, and Coinbase announced that it would be released 18 % of his employees.

There were indications that the most susceptible times were over in crypto technology that were intended by risk capital companies that let money flow back into the room. The layoffs of OpenSea could indicate that the crypto winter is far from over.

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The contribution OpenSea releases 20 % of the staff is not a financial advice.