Parity Technologies, which provides blockchain infrastructure for Polkadot, is cutting 30% of its workforce as part of a strategic change.
They’re shifting their focus to developing technology for Polkadot, and this restructuring will gradually affect teams involved in go-to-market efforts over several months.
Parity Technologies Shifts Focus with Workforce Restructuring
Parity Technologies, the essential infrastructure provider for the Polkadot network, is set to undergo significant changes by reducing its workforce, affecting around 100 employees, which amounts to 30% of its staff. This decision is part of Parity’s strategic shift towards bolstering technology development to support Polkadot.
The core emphasis of the company is now on enhancing the blockchain technology that serves as the backbone of Polkadot, a platform recognized for its ability to facilitate seamless communication between different blockchains.
Björn Wagner, CEO of Parity, confirmed this workforce restructuring in response to questions from Bloomberg. Wagner highlighted that the transition will be carried out gradually over the course of several months. He also expressed Parity’s commitment to supporting and enabling affected employees to continue contributing to the Polkadot ecosystem.
In addition, the CEO reassured stakeholders by underlining the company’s strong financial health and regulatory engagement, emphasizing the ongoing focus on the success of Polkadot.
Parity Technologies had given hints of this workforce restructuring earlier in the month when they unveiled their strategic plan, which aimed to shift towards decentralization within the Polkadot ecosystem. The company will be concentrating on delivering the next-generation technology for Polkadot while phasing out its go-to-market functions.
Polkadot’s native cryptocurrency, DOT, still maintains substantial market value, although it has experienced recent declines from its peak of $55. The price has stabilized at around $3.5 and has been on the path to recovery since October 19, currently trading above $4.
This restructuring aligns with a broader trend seen in other crypto tech companies, including Binance, Chainalysis, Kraken, Coinbase, Polygon Labs, and Circle, which have also announced workforce reductions.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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