Algorand Foundation Lays Off 25% of Staff Amid Market Downturn

The Algorand Foundation has laid off a quarter of its workforce, citing “uncertain global macro environment” and a broad downturn in crypto markets as the primary drivers behind the decision.

The Foundation’s statement on X (formerly Twitter) described the employees as “best-in-class contributors” and acknowledged the decision was “incredibly tough.”

“We are sincerely grateful to them, and we are, of course, committed to supporting them through this transition,” the post read.

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The firm added that they now have a more sustainable alignment of resources with the protocol’s long-term business, technology, and ecosystem priorities. Despite the cuts, the Foundation reaffirmed its commitment to financial empowerment and the continued development and growth of the Algorand protocol, network, and ecosystem.

The Algorand cuts form part of a broader wave of workforce reductions. Crypto market intelligence platform Messari announced earlier this week that it “parted ways with many teammates.” 

The platform also went through a leadership change, with Chief Technology Officer Diran Li stepping in as the new CEO. Last week, OP Labs, the team behind the Ethereum layer-2 network Optimism, let go of 20 employees.

Meanwhile, Twitter co-founder Jack Dorsey’s firm Block reduced its workforce by nearly half, laying off more than 4,000 employees in February. 

Cryptocurrency exchange Gemini also parted ways with its Chief Financial Officer, Chief Legal Officer, and Chief Operating Officer. The firm announced last month that it plans to slash 200 jobs.