Dapper Labs, USDC Issuer Circle Announce Layoffs: Details
- Dapper Labs CEO Roham Gharegozlou confirmed that his firm has laid off 51 employees.
- This is the third round of layoffs announced by the firm in the last nine months.
- The 51 employees represent around 12% of the total employee count of the firm.
- USDC issuer Circle has also cut its workforce slightly to maintain a “strong balance sheet.”
Dapper Labs, a non-fungible token (NFT) and technology firm, has confirmed that it will be releasing another set of employees, making this its third round of layoffs in nine months. According to the confirmation from the CEO of the firm, Roham Gharegozlou, the firm has parted ways with “51 brilliant colleagues and friends.” On the other hand, the crypto market is currently recovering from the widespread layoffs in 2022.
According to the July 13 statement from the Dapper Labs CEO, the latest round of cuts includes full-time staff and C1 contractors. Gharegozlou said that “the decision was incredibly difficult because of the amazing people affected,” while adding that it was necessary and the right thing to do to “ensure a lean and efficient” company.
As per the executive, Dapper Labs and Flow are “well capitalized,” and the decision to lay off employees will make the company more “lean.”
“With this restructure, we have made the business more lean, which is going to let us do the right thing for our fans and grow our communities in the most healthy ways possible,” Gharegozlou said.
As per the total employee count listed on growjo.com, the 51 employees fired from Dapper Labs represent close to 12% of the total count. In an earlier report, Bitnation confirmed that in February 2023, Dapper Labs released 20% of its workforce or about 130 people. Full-time employees and C1 contractors that were laid off and they will get three months severance along with several other benefits.
Another crucial fact to note here is that, as per a July 12 report from CoinDesk, the issuer of UDSC stablecoin, Circle, has also cut its workforce slightly to maintain a “strong balance sheet.” Moreover, the firm is “redoubling its focus on core business activities and execution.”
“As a result, we have reduced or ended investments in non-core activities and reduced operational expenses, which includes a marginal reduction in headcount. At the same time, we have identified new areas for investment and are continuing to hire in key areas of focus on a global basis,” said a Circle spokesperson.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
