Ledger And Yuga Labs Employee Layoffs, Ripple Recruits New Workers Outside The US

A number of crypto companies and NFTs have started layoffs of employees. (Photo; Doc. Bitbuzz)

JAKARTA - Several leading companies in the crypto world announced cuts in some of their workforce this week, showing the impact of market changes and strategic changes in their business.

Yuga Labs, the leading NFT developer, is the latest digital asset company to announce employee layoffs last week. Although the NFT startup did not reveal exactly how many workers were laid off.

Yuga Labs co-founder Greg Solano revealed that they still have more than 120 employees and the layoffs are targeted primarily for his US-based team.

Previously, crypto wallet hardware or Ledger hardware wallets reduced 12% of its 700 employees. CEO Pascal Gauthhier attributed this decision to current market conditions and the company's efforts to maintain their business "long lived".

On the other hand, blockchain analytics company Chainalysis also cut staff, with about 15% of the total employees, about 150 people, have been laid off. This is not the first round of layoffs by Chainalysis, they previously cut more than 40 employees earlier this year.

Ripple Berjaya

Meanwhile, Ripple's global payment company has the opposite. The XRP crypto publisher announced strategic changes in its recruitment plans. After obtaining permits as a major payment agency from the Monetary Authority of Singapore, Ripple revealed that it will focus more on recruitment outside the United States, especially in Asia.

Currently, nearly 40% of Ripple employees are from outside the US, and the company plans to increase that number to 50% by the end of this year. Despite many crypto companies experiencing changes and challenges, the crypto sector continues to adapt to market changes and regulations that continue to grow. Labor cuts and strategic changes are part of the company's efforts to stay competitive and grow in a dynamic environment in the future.