Details about how many individuals were affected were not shared. A representative for the foundation did not immediately respond to Decrypt’s request for comment.
“We believe that we now have a more sustainable alignment of Algorand Foundation resources with the protocol’s long-term business, technology, and ecosystem priorities,” it added.
Today, the Algorand Foundation made the difficult decision to reduce our workforce by 25%. This decision was not taken lightly and is in response to the uncertain global macro environment as well as the broader downturn in crypto markets.
These employees have been best-in-class…
The proof-of-stake network was designed by Turing Award-winning cryptography expert Silvio Micali and launched in 2019, but it has struggled to maintain prominence in the crypto world while its native token—ALGO—trades nearly 98% off its 2019 all-time high of $3.56.
Recently changing hands at $0.09, the token last traded above $1.00 in January 2022, according to data from CoinGecko.
Nevertheless, the foundation is still “fully focused on our mission of financial empowerment and the continued development and growth of the Algorand protocol, network, and ecosystem,” its announcement says.
