Algorand Foundation cuts 25% of its workforce citing global macro uncertainty and crypto market downturn
The Algorand Foundation reduced its workforce by 25% due to global economic uncertainty and a downturn in the crypto market.Summary
The Algorand Foundation announced a 25% reduction in its workforce on Wednesday, citing the uncertain global macroeconomic environment and the broader downturn in cryptocurrency markets. The foundation, responsible for stewarding the Algorand Layer 1 blockchain, has fewer than 200 employees. This move follows similar workforce reductions across the crypto sector, including RTFKT, Tally, Messari, Block, and OP Labs. As of its latest report, the Algorand Foundation holds approximately $38 million in USD investments and 1.1 million ALGO tokens. Despite the cuts, the foundation stated it remains focused on its mission of financial empowerment and the continued development of the Algorand protocol, aiming for a “more sustainable alignment of resources.” Algorand was founded in 2017 by Silvio Micali, a Turing Award-winning MIT cryptographer.
(Source：The Block)