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Dash Core Group, the company behind Dash cryptocurrency, is laying off staff due to financial strains, the Block reported.
In an online post dated February 23, CEO Ryan Taylor said that the company’s planned reduction represents 8% of its staff. He said that the business functions which will be impacted include Human resources, strategy, and business development.
“Dash Core Group was faced with some tough decisions to maintain financial stability in light of the current market,” he said.
“Our monthly payments for January invoices yielded an average of ~$67 / Dash, which is the lowest price we’ve experienced since “crypto winter” began. As a result, these further steps were necessary to maintain the company’s financial health without increasing our share of the overall Dash budget; we remain committed to keeping our proposal requests below 60% of the available budget.”
The Human Resources team will be completely eliminated and related duties will be shifted to individual managers, finance, operations, or Taylor himself. The Strategy team will be reduced by 2 people. Taylor said:
“Strategy projects will transition to each of the functions with whom the strategy team had been supporting. Operations will assume maintenance responsibilities for the metrics and reporting tools that the strategy team recently created.”
The Business Development team will be reduced by 1 person. Taylor said that he will be taking a larger role in business development going forward to assist with the smaller team size and capacity.
“We will focus more attention and prioritize on the components of our growth strategy that are gaining traction most quickly,” he said. “With these reductions, we are hopeful that Dash Core Group can weather the current environment.”
