Ava Labs, the developer behind the Avalanche blockchain (AVAX), recently made the decision to reduce its workforce by 12%, according to the company’s founder and CEO, Emin Gün Sirer.
In a post on the social platform X, Sirer explained that the staff cuts are part of the company’s strategy to reallocate resources and double down on the growth of the firm and the broader Avalanche ecosystem.
He acknowledged the challenges posed by bear markets in the crypto industry but expressed gratitude for Ava Labs’ substantial resources and runway, which will be instrumental in advancing the Avalanche ecosystem for years to come.
While the specifics of which divisions within the company had to reduce their headcounts were not provided, Garrison Yang, Ava Labs’ VP of Growth and Strategy, shared additional insights.
In a LinkedIn post, Yang mentioned that the marketing team had been affected by the layoffs.
Yang expressed appreciation for the marketing team, noting their role in establishing Avalanche’s gaming brand as a top contender within just a year.
He also emphasized their valuable contributions in helping Avalanche navigate industry challenges, market downturns, and various obstacles.