Cosmos-Builder Ignite Cuts Headcount by More Than 50%, Ex-Employees Say

07/02 02:17

Ignite, the company that originally founded the Cosmos blockchain ecosystem, has parted with more than half its employees this week, two ex-employees and a source close to the company told CoinDesk. The news came after Ignite’s CEO Peng Zhong announced on Friday he would be leaving the company. According to one of sources, Zhong was also joined by other top executives at the firm. Ignite laid off some employees, and others volunteered to leave the company in return for severance packages. But according to sources, Ignite’s workforce cuts stemmed not only from recent market conditions but internal factors. According to the two ex-employees on the condition of anonymity, the potential for cuts was first announced by former Ignite CEO, Jae Kwon, when he returned to the company in May.
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