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Filecoin’s Protocol Labs Reduces Staff by 21% Amid Crypto Market Dip

Protocol Labs is cutting 21% of its staff or 89 jobs

The crypto industry has been hard hit over the last few months, as the FTX collapse and macroeconomic factors have caused a “crypto winter” that has forced many firms to make deep cuts.

Protocol Labs, the creator of decentralized storage network Filecoin, is the latest firm to join the list, announcing that it is cutting 21% of its staff, or 89 jobs.

Other firms, including Crypto.com, ConsenSys, and Coinbase, have also announced layoffs in the last few months. These job cuts are part of a broader trend in the tech sector, with crypto making up 4.0% of total layoff numbers in January 2023.

While these cuts are painful for the industry, they are necessary in order to survive the current economic conditions and emerge stronger once the market recovers.

Companies are taking steps to reduce costs, while trying to ensure that they remain competitive and viable in the long term.

These job cuts are a reminder of the volatile nature of the crypto industry, and the need to remain aware and prepared for unexpected changes.

While the current situation is difficult, the industry has weathered hard times before and will likely do so again.

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Judith Faith has been writing about cryptocurrencies and blockchain technology for over five years. She is well versed in the industry and has an extensive network of industry contacts. She is also a frequent contributor to various cryptocurrency publications. With her vast knowledge and experience, she is able to provide insightful and valuable content to her readers. Judith is also an active investor in the cryptocurrency space and has a vested interest in the success of the industry. She is passionate about helping to foster the growth of the industry and believes in the power of blockchain technology to revolutionize the world.