According to a recent report released by The Block, the firm behind the top-20 coin Dash has decided to reduce its personnel due to financial issues. The cryptocurrency market has been in a bear trend for a long period of time, and this has affected several companies in the space.
As per the report released a few hours ago, the firm will be reducing 8 percent of its staff on March 7, including the Head of Strategy and Head of Business.
In a blog post released by the company, CEO Ryan Taylor explained that Dash Core Group (DCG) had to take some tough decisions to maintain its financial stability. At the same time, he explained that the lay-offs were taken in a certain manner to limit the disruption of the company.
There is another staff that voluntarily foregone their entire salaries and their employee benefits. In this way, the firm will be operating within its current budget without disrupting it.
Dash receives funds from 10% of the rewards mined by the masternodes of the network. Thus users that pay for transactions are financing the company. After reaching $1,000 during the bull market in the space, the coin is now being traded around $80.
At the time of writing, Dash has a market capitalization of $703 million. It is also the 15th largest digital asset in the industry. When it reached $1,000, the coin was traded among the top 5 most valuable digital currencies.
There are other companies that are also trying to be in line with the market and reduce their costs. ConsenSys announced that it was also reducing the number of employees in the company and adjusted the investment plan they had to focus on companies in more advanced stages of development.