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Crypto Cuts Continue: Algorand Trims 25% Of Workforce

The Algorand Foundation has laid off 25% of its staff, citing a challenging global macroeconomic environment and a sustained downturn in the crypto market as the primary reasons. Despite the significant staff reduction, the organization maintains an ambitious roadmap for the year, including major updates to its AlgoKit, the launch of a new wallet called Rocca, and ongoing work on post-quantum security. This move reflects a broader trend of workforce reductions within the crypto industry, reminiscent of cuts made by companies like Coinbase and Gemini during the 2022 bear market. With Bitcoin trading 44% below its all-time high, financial pressures on crypto-native organizations continue to mount, potentially signaling further industry-wide consolidation and cost-cutting measures.

bitcoinist03/20 10:18