The company behind the development of cryptocurrency Dash, announced a reduction of staff by 8% due to ongoing cryptowinter.
Dash Core Group (DCG) CEO, Ryan Taylor, announced at the end of last month that the company decided to dismiss 8 percent of the total team size, in order to cut costs and bring them in line with the budget.
Personnel department and two employees from strategy department are going to be the sacrificed pawn, as well as the business development team will also take the hit.
Layoffs have become the last resort for DCG to stay afloat. In addition, several employees voluntarily agreed to pay cuts and cancel additional payments in order to keep the company in a period of difficult financial condition. In addition, in the past six months, the company made a rule prohibiting on hiring new employees.
After the personnel changes will come into force on March 7, DCG will have plans on applying operational changes in its business functions. For example, responsibilities related to human resources will be transferred to the firm’s financial director, Glenn Austin. Taylor himself will be leading strategic projects and he will have key role in business development.
It is worth noting that in December last year, Taylor argued that the DCG business is sustainable, not risking closing in the near future and in the foreseeable future no significant staff reductions are expected.
“We have a significant buffer to resist the influence of the bottom of the market whenever that happens,” he commented that time.