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Protocol Labs has become the latest cryptocurrency firm to implement a massive reduction in staff, according to a February. 3 report by Forbes.
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The company was reported to have laid off 89 employees, representing around one-fifth.
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The company cited poor market conditions and “macroeconomic challenges…in relation to Filecoin dynamics” as the reason for its layoffs.
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Protocol Labs has not officially declared the reductions.
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In the end, Forbes obtained the information from documents supplied by an employee who had been dismissed.
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Protocol Labs is perhaps best well-known for Filecoin, the blockchain which rewards storage providers that are distributed using cryptocurrency.
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When Filecoin conducted its ICO in 2017, it raised $205 million, more than any similar token sale taken in the previous year.
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Filecoin remains one of the top 35 crypto assets, with an estimated market value of $2.1 billion.
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This company is also famous for IPFS, a storage network that doesn't incorporate cryptocurrency but is frequently utilized in conjunction with Ethereum.
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Infura particularly provides API gateways in both networks.