Amid 200 Million USD Funding Immutable Lays Off 6% of its WorkForce

Immutable lays off 6% of its employees
The firm is reengineering for the coming era
James Ferguson committed to achieve headcount of 360 in five months

CryptoWinters Sets Target on Immutable

The tornado – CryptoWinter – is speeding up to wreck the sailing ships every day. We have seen some major crypto downfalls this season from complete wipeouts to bankruptcies, from workforce cut-offs to serious cyber threats and what not. CrytpoWinter has rounded up entities from every corner of the cryptocurrency market.

Talking about some recent names that were trembled by the devastating CryptoWinter may include names like Terraform Labs, Celsius, and Three Arrows Capital. However, there are certain firms which are fighting hard against CryptoWinter conditions, some by sacrificing their workforce others by holding on tight to the tornado to pass.

CrytpoWinter Hunts Down Another Shark

One such case came into the picture two days back when Immutable Games Studio – the Australian giant behind the game Gods Unchained – laid off 6% of its staff. The firm also introduced Immutable X – a marketplace designed to support and host games from different entities like TikTok and Gamestop. This small percentage rounds to approximately 20 staff members including senior game designers. The layoffs for the employees were abruptly announced in a Meeting on July 25th.

After the fundraising event held in June 2022, the Australian giant secured 200 Million USD which raised the company valuation to 2.5 Billion USD. James Ferguson – CEO and co-founder at Immutable – confronted the employees saying the company is still rolling in a fantastic position.

Also Read: How To Stay Mentally Intact In This Crypto Winter?

Immutable Guards up to CryptoWinter

In an interview with one of our sources, Ferguson said, “ we are working profoundly on the upcoming game Guild of Guardians. Also we have Gods Unchained in our portfolio and we believe we need more hires to work on the same. The company holds a strong position and there’s more to come in future in terms of hiring.”

The decision of laying off employees was just a part of reengineering the organization for the betterment in order to achieve goals and introduce next gen web3 games. They started with 180 employees at the start of 2022 which has now reached 280 as of now. The count will surge upto 360 employees in the next five months.

Not just Immutable, but several other companies have made a move of firing and hiring employees in the last few months. May it be Gemini firing 10% of its employees, CoinBase firing 1100 of its employees, BlockFi firing almost 600 employees, or OpenSea recently laying off 20% of their employees. The CyrptoWinter is hitting the companies hard enough to tremble and with the laying off process going on, who knows which firm is next to add on the list to do so.