Ava Labs, the developer of the Avalanche blockchain, said it has laid off 12% of its employees due to the bearish trend in the cryptocurrency market. This will help the company allocate its resources more intelligently.
Ava Labs founder and CEO Emin Gün Sirer said that the company’s staff reduction will allow it to direct the necessary resources to develop the Avalanche ecosystem.
“Bear markets are difficult to navigate. We are fortunate to have the so-called runway and resources at our disposal. We will harness this potential to grow the Avalanche ecosystem for years to come,” Sirer wrote.
Ava Labs Vice President of Strategic Development Garrison Yang said the cuts occurred in the marketing team. Many of the departing employees built Avalanche’s brand awareness from scratch in less than a year, Young said. These people have helped Avalanche navigate numerous industry crises, bear markets, and other challenges.
In September, the company hired two employees from the Polygon cryptocurrency project and the OKX exchange to develop its business in India. In June, Ava Labs integrated AI chatbot AvaGPT into its Core platform to provide developers with the information they need and access to raw data.
Previously, the CEO of Ava Labs called on legislators to develop laws to regulate blockchain and asset tokenization as soon as possible.
