Dapper Labs, Circle Layoff Employees; CEOs Express Concern

• Dapper Labs cut off its workforce by bidding farewell to 51 employees.
• Circle reduced the total number of staff and stopped investments in non-core activities.
• More than 2,806 employees lost their job due to the increasing rate of crypto company layoffs.

In a move to tighten belts, crypto platforms continue their strategic maneuver of laying off employees, adding a substantial percentage to the total reduction of the workforce in the crypto space. The NFT company Dapper Labs and the crypto firm Circle trimmed their human resources in an attempt to look forward to a “lean” and “healthy” space.

According to a recent tweet by reporter Colin Wu, Dapper Labs CEO Roham Gharegozlou announced via his official Twitter page the dismissal of his company employees. Wu’s page, named Wu Blockchain, also shared insights on the reduction of workforce by the stablecoin issuer Circle.

Gharegozlou tweeted that the company has bid farewell to “51 brilliant colleagues and friends”. Along with incorporating a screenshot of the note that he sent to his team, Gharegozlou recommended the Web3 platforms to hire his “most incredible people in Web3.” The note conveyed the CEO’s fret in laying off his company members. He stated:

This decision was incredibly difficult because of the amazing people affected but it is necessary and the right thing to do to ensure a lean and efficient Dapper Labs. We are setting the company up to both serve our customers in a sustainable way and to innovate and push the boundaries of technology forward for many years to come.

Similarly, Circle brought down its workforce slightly and stopped investments in insignificant activities as a move towards maintaining a “strong balance sheet”. The declaration came in contradiction to the earlier statement by Jeremy Fox-Green, the company’s Finance Chief, who announced that Circle would increase its workforce in 2023 to realize the firm’s effort to expand.

It was reported earlier this year that almost 2,806 employees from the crypto industry lost their job due to the increasing rate of layoffs. In February Dapper Labs dismissed about 20% of its full-time workers. In addition, the firms like Coinbase, Crypto.com, Huobi, DCG, and Genesis also cut short their employees this year, increasing the last year’s percentage of workforce reduction by 41%.