In the past six months, many companies in the crypto industry have been forced to cut staff against a bear market. This week, similar decisions have been confirmed by Sirin Labs and Ambisafe startups.

Sirin Labs lays off 25% of workforce – https://t.co/wMM8UNFZM0

– GlobesEnglish (@GlobesEnglish) April 15, 2019

Thus, Sirin Labs, which in 2017 attracted $ 157 million during the ICO for the development of the Finney blockchain smartphone, fired 15 of 60 employees, citing unfavorable market conditions. It is noteworthy that relatively recently, the company abandoned working on hardware solutions in favor of software.

"We delegate part of the work to outside contractors and plan to focus on developing and distributing software, " said Sirin Labs.

This week, CoinDesk also announced that Ambisafe, which is developing a blockchain platform for conducting ICO, as well as providing audit services for smart contracts and software development, reduced its staff from 120 to 50 at the end of last year.

Ambisafe CEO Andrei Zamovsky said that at the height of the ICO boom, the company's monthly revenues reached $ 500,000 a month. However, the actions of US regulators regarding ICO projects have made this type of fundraising much less attractive and revenues have decreased almost five times.

Similar cuts were made in other ICO startups, including Hosho and BlockEx.

Recall that the fall in the market last year seriously affected many blockchain companies. So, Steemit, a popular social network on the blockchain, was forced to cut 70% of its staff , Nebulas startup laid off 60% of its employees , and Ethereum Startup Status – a quarter of the team .

Subscribe to BlockchainJournal on YouTube !