RDX Works, the team behind the Radix decentralized finance platform, has decided to cut 15% of its workforce. The primary goal of this decision is to reduce operational costs.
Major Changes at RDX Works
Since March 2023, RDX Works has reduced its workforce by 25%, primarily from business support teams. Now, the company is once again forced to make cuts, reducing its staff by another 15%. According to CEO Piers Ridyard, this is necessary for 'refocusing' and is part of 'a more comprehensive set of changes'.
Current Projects and Impact of Changes
RDX Works assures that key projects like the Cassandra test network and multifactor account persona control and recovery (MFA) will not be affected by the layoffs. However, Piers Ridyard admitted that 'some familiar faces or points of contact at RDX Works may be disrupted' and asked for patience in the coming days and weeks.
Market Response to the News
Despite the news of layoffs, the Radix ecosystem token (XRD) did not experience significant price changes. According to CoinGecko, the XRD price has risen by 1% over the past 24 hours to $0.02352, although it remains down 96% from its all-time high.
RDX Works continues its strategic development, recently entering into a partnership to introduce flash liquidity into the Radix ecosystem. However, frequent staff reductions might cause temporary inconveniences and slowdowns in the company's operations.
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