Parity Technologies, the company which devloped the Polkadot blockchain platform, is going to reduce its workforce by approximately 30%, which amounts to around 100 employees.
This decision will impact various teams, especially those involved in marketing and promoting their products, as Parity is now shifting its primary focus towards enhancing the technology that supports Polkadot.
Polkadot is a platform that facilitates communication between different networks. The company’s CEO, Björn Wagner, communicated this shift in focus through an email statement on Monday.
“Approximately 30% of our less than 400 staff will see their functions or contracts sunset at Parity over a transition period of a few months,” said Wagner.
Wagner further added, “Over this period, we will be doubling down on our efforts to enable those affected to continue to contribute to Polkadot beyond their tenure at Parity and we are excited to already see initiatives beginning to take shape.”
Polkadot’s DOT token is currently worth $5.3 billion in the cryptocurrency market, ranking it as the 15th largest cryptocurrency according to CoinGecko. However, it has experienced a significant decline, about 40%, from its highest value this year, which occurred in February, as reported by Bloomberg.
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