Media: Ignite to cut staff by more than 50%
- July 4, 2022
- 0
Former employees of the company Ignite (formerly Tendermint), behind the development of the Cosmos project, told CoinDesk on the condition of anonymity that there has been a more
Former employees of the company Ignite (formerly Tendermint), behind the development of the Cosmos project, told CoinDesk on the condition of anonymity that there has been a more than 50% reduction in staff.
According to sources, this decision was made against the background of negative events in the cryptocurrency market.
Some senior executives allegedly left the company after CEO Peng Zhong announced on July 1 that he had left after seven years at Ignite. He has been the CEO since May 2020.
Sources say other employees left the job in exchange for severance pay. According to them, the company’s founder, Jae Kwon, announced the possibility of layoffs in May after his return.
Registered in 2014, Tendermint was rebranded as Ignite in February 2022. Kwon left the company to launch the Virgo project in 2020 and regained ownership of the brand two years later for a new venture.
Recall that state optimization was also announced on Coinbase, BlockFi, Сrypto.com, BitMEX, Robinhood, Gemini, Bitpanda, Bitso, Banxa and Abra.
According to media reports, the discounts will affect Huobi, Bybit, and regulated Hong Kong bitcoin exchange OSL, among other things.
Binance chairman Changpeng Zhao, by contrast, described the crypto winter as the right time to expand the state. Plans to increase the team were also announced on Bitget, Bitfinex, Tether and Ripple.
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I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.
