OpenSea has cut 20% of its workforce amid the ongoing cryptocurrency market downturn.
Co-founder and CEO Devin Finzer took to Twitter to share the news. “Today is a hard day for OpenSea, as we’re letting go of ~20% of our team”, he said.
Alongside the tweet, Finzer included the letter he sent his former staff member on an employee message database.
“The reality is that we have entered an unprecedented combination of crypto winter and broad macroeconomic instability and we needed to prepare the company with the possibility of a prolonged downturn.
“The changes we’re making today put us in a position to maintain multiple years of runway under various crypto winter scenarios… and give us high confidence that we will only have to go through this process once”, it read.
Former staff members will be provided with a redundancy package, alongside help and assistance with job placements and support. OpenSea will also offer healthcare coverage into 2023 and accelerated equity vesting.
This is not the first company to let employees go amid the current crypto crash. Coinbase has made 1,100 redundancies, Gemini axed 10% of its workforce, and Crypto.com also had to make the call to cut staff members.
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