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State (SNT), a mobile operating system for Ethereum (ETH), reduced 25% of the staff of about 100 people as the price of ETH continues to decline.
According to the transcription of a recent municipality, Status has been "forced" to adapt to current market conditions and, as such, is reducing staff and asking existing employees to adopt wage reductions.
"Recently, as you may have seen, the market has suffered a crash or a significant price correction, so ETH is a third of the price we have collected and planned, and we do not know how long this storm will last" , co-founder Jarrad Hope He said.
The company originally generated 182,000 ETHs in a 2017 token sale, which at the time was worth $ 64 million, but would now be worth $ 15.3 million before considering project spending. Although this is still a significant amount of capital for every startup, the project notes that it wants to have enough catwalks to keep the promises of its whitepaper and bring its app to the point of widespread use.
This news comes while other important projects based on Ethereum have started to cut staff.
Last month, Steemit, Inc., the company behind the open-source steemit.com, a decentralized app on Steem's blockchain, fired 70% of its staff amid the current crypts bear market. More recently, Ethereum development study ConsenSys according to reports, 13% of the staff of 1,200 people left.
SNT fell 4.9% in the last 24 hours to $ 0.013545, giving the altcoin a market capitalization of $ 47 million and making it currently the 65th largest cryptocurrency.
Other: Status Town Hall Transcript
Related: Steemit (STEEM) falls victim to the Crypto Bears market, establishes 70% of its staff
Disclaimer: the author of this article has participations in cryptocurrency that may be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct due diligence before making investments.
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