Ava Labs, Creator of Avalanche Blockchain, Announces 12% Workforce Reduction to Refocus Resources

Ava Labs, Creator of Avalanche Blockchain, Announces 12% Workforce Reduction to Refocus Resources

Crypto News – Ava Labs CEO, Emin Gün Sirer, has emphasized the company’s solid financial position and ample resources, despite recent layoffs.

Ava Labs, the team behind the Avalanche blockchain, has officially announced a reduction in its workforce, affecting 12% of its employees, as part of a strategic resource reallocation.

Emin Gün Sirer, the founder and CEO of Ava Labs, confirmed this decision on November 7, following announcements by several former employees on social media that they had been laid off. Gün Sirer stated, “This reduction in force affected 12% of Ava Labs, and allows us to reallocate resources to double down on the growth of our firm and the Avalanche ecosystem.”

While acknowledging the challenges of bear markets, Gün Sirer expressed confidence in Ava Labs’ stability, citing a substantial runway and available resources.

Ava Labs, as per LinkedIn, currently employs 335 individuals, indicating that roughly 40 employees were impacted by the layoffs. Garrison Yang, Vice President of Growth and Strategy at Ava Labs, hinted that a significant portion of the layoffs came from the marketing team.

Former team member Zach Manafort, who had been actively involved in the Avalanche community since 2020, expressed surprise and disappointment in an October 6 post on social media, revealing that he was among those laid off.

Brandon Suzuki, another former member of Ava Labs’ marketing unit, also confirmed his layoff on October 6.

These layoffs occurred shortly after non-fungible token marketplace OpenSea announced a 50% reduction in staff on November 3.

Neil Dundon, the founder of CryptoRecruit, noted that job opportunities in the cryptocurrency industry remain scarce, despite recent improvements in the crypto market capitalization. He mentioned, “The crypto market is still very tough, unfortunately, right now. Money is tight. VC has dried up.” Dundon believes that more positive indicators of a bull market are necessary for a substantial increase in hiring.

However, Kevin Gibson, founder of Proof of Search, and Daniel Adler, founder of Cryptocurrency Jobs, reported a slight uptick in hiring in recent weeks. Gibson attributed this to cryptocurrency firms acting proactively to secure top talent before market conditions potentially improve in 2024. He stated, “It is still an employer’s market, so we are encouraging companies to take advantage of this to keep building, as it will be very different in 2024.” Gibson also noted that some positions offered were part-time roles, spanning two to three days a week, rather than full-time positions.

Adler echoed a similar sentiment, indicating that as the year-end approaches, many teams are making a final push to hire and are committed to their hiring plans and roadmap.