Radix decentralized finance (DeFi) platform developer, RDX Works, has reduced its workforce by 15% as part of cost-cutting measures. CEO Piers Ridyard confirmed the layoffs in an August 29 statement on the company’s Telegram group, explaining the move was necessary to “refocus” the company’s efforts.
Radix provides developer tools for building decentralized applications (DApps) and financial services on the blockchain. Despite the staff reduction, Ridyard assured that key projects, including the test network Cassandra and multifactor account persona control and recovery (MFA), are expected to remain unaffected.
However, Ridyard acknowledged that the changes might cause some disruptions, with familiar faces or contact points possibly being impacted in the short term. He asked for patience during the transition period.
Currently, around 71 employees are listed on LinkedIn as working for RDX Works in various roles, including software engineers, cybersecurity analysts, ambassadors, and designers, with some freelancers among them.
The layoffs follow a strategic partnership RDX announced on August 27 with digital asset market maker Keyrock, asset manager G-20, and crypto high-frequency trading firm Portofino. This partnership aims to introduce “flash liquidity” to the Radix ecosystem, making any crypto asset, regardless of its native blockchain, liquid and accessible within the network.
Interestingly, the news of layoffs did not significantly impact Radix’s native token, XRD, which saw a slight 1% increase in price to $0.02352, though it remains down over 96% from its all-time high of $0.6513 in November 2021.
Earlier this year, in March 2023, RDX Works also laid off 25% of its staff, primarily affecting business support teams rather than technical roles.
These changes highlight the ongoing challenges faced by companies in the cryptocurrency space as they navigate market conditions and strive to maintain growth.
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