Dash Core Group [DCG], the company behind the cryptocurrency Dash [DASH] has executed a string of layouts due to financial difficulties that cropped up following the crypto winter. According to a report from the Block, around 8% of the staff will part with the company.
The company’s list of sacked employees includes top-level employees like Head of Strategy and Head of Business. Also, as budget control measure the remaining staff has voluntarily agreed to give up their entire salary and employment benefits.
The company’s CEO, Ryan Taylor, in a blog post last month, said that the company had to make some tough choices after the bear market of November 2018.
“Although much of the impact from price reduction has already been absorbed by a combination of compensation fund buffers, voluntary pay cuts & eliminations, elimination of smaller stipends, and elimination of employment benefits, we have unfortunately reached the limits of what these options can accommodate,” he added.
“A large number of contributors have already stepped forward to voluntarily reduce or eliminate their compensation, which has helped us a great deal coping with the reduced budget size. We want to stress that no layoffs were related to performance, but based on what we felt was the best decision for both DCG financial health and the network in light of the currently available budget,” he elaborated.
He also explained that DCG is confident about its survival. They previously quoted a cash buffer of over $1 million. Following the crypto winter, Taylor wrote in a blog post: “DCG is not at risk of shutting down anytime soon, or of any significant cuts in staffing levels in the near term.”
Image via Shutterstock