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Uncertain Economy, OpenSea Cuts 20 Percent of Employees | merdeka.com

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Uncertain Economy, OpenSea Cuts 20 Percent of Employees |  merdeka.com

Merdeka.com – OpenSea CEO Devin Finzer announced it had laid off 20 percent of its employees. Reported TechCrunchSaturday (16/7), with the termination of employment, OpenSea practically only has 230 employees left.

“Today was a tough day for OpenSea, as we let go of ~20 per cent of our team,” Devin said in a tweet.

Devin in notes that he captured on Twitter said this step was taken to anticipate the possibility of a prolonged downward trend.

“The reality is that we have entered an unprecedented combination of crypto winter and broad macroeconomic instability, and we need to prepare companies for the possibility of a prolonged downturn,” he said.

Devin also said that his party was responsible for the fate of the employees he laid off. It said affected employees would receive health insurance “until 2023” as well as accelerated equity vesting and 12-week severance pay.

“The changes we made today put us in a position to maintain the runway for several years under various crypto winter scenarios (5 years at current volumes), and give us high confidence that we only need to go through this process once,” explains he.

OpenSea has been one of the main beneficiaries of the 2021-2022 crypto bull run, raising hundreds of millions of investor dollars, most recently at $13.3 billion.

[faz]

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