Protocol Labs has turn into the most recent cryptocurrency firm to hold out a mass layoff, in response to a Feb. 3 report from Forbes.

The corporate reportedly laid off 89 individuals, representing 21% or roughly one-fifth of its workforce. The corporate cited poor market situations and “macroeconomic challenges…in relation to Filecoin dynamics” as the explanation for its layoffs.

Protocol Labs has not formally introduced the layoffs. As a substitute, Forbes obtained the knowledge from paperwork supplied by an worker that has been let go.

Protocol Labs is probably greatest recognized for Filecoin, a blockchain that rewards distributed storage suppliers with cryptocurrency. When Filecoin ran its ICO in 2017, it raised $205 million, greater than every other comparable token sale had raised on the time. Filecoin remains to be among the many 35 largest crypto belongings, boasting a market cap of $2.1 billion.

The corporate can be recognized for IPFS, a distributed storage community that doesn’t combine cryptocurrency however is commonly used alongside Ethereum. Infura notably offers API gateways for each networks. Some Ethereum apps, resembling Peepeth, additionally retailer knowledge on IFPS.

Protocol Labs is only one of a number of corporations to hold out layoffs this winter. Silvergate, ConsenSys, Gemini, Huobi, and Coinbase are among the many different corporations to take action.

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