Radix decentralized finance (DeFi) platform developer, RDX Works, has announced a 15% reduction in its workforce as part of cost-cutting measures. The decision was confirmed by CEO Piers Ridyard in an August 29 statement on the company's Telegram group.
Staff Reductions
Piers Ridyard stated that the staff reduction is necessary to 'refocus' the company. Currently, RDX Works employs around 71 people, including software engineers, cybersecurity analysts, ambassadors, and designers, with some freelancers among them.
Key Projects and Impact
Despite the workforce reduction, key projects such as the Cassandra test network and multifactor account persona control and recovery (MFA) are expected to remain unaffected. However, Ridyard acknowledged that the changes might cause some disruptions and requested patience during the transition period.
Recent Developments and Partnerships
The layoffs follow a strategic partnership announced on August 27 with digital asset market maker Keyrock, asset manager G-20, and crypto high-frequency trading firm Portofino. This partnership aims to introduce 'flash liquidity' to the Radix ecosystem, making any crypto asset, regardless of its native blockchain, liquid and accessible within the network. Interestingly, the news of layoffs did not significantly impact Radix's native token, XRD, which saw a slight 1% increase in price to $0.02352, though it remains down over 96% from its all-time high of $0.6513 in November 2021.
These changes highlight the ongoing challenges faced by companies in the cryptocurrency space as they strive to maintain growth and adapt to market conditions.
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