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As the winter crypts colder, the number of encryption and encryption companies will continue to increase. Blockfolio became the last to dismiss the staff and put his incubator project on the back burner.
And success to some of the biggest players in the industry including Bitmain, ConsenSys and Shapeshift, and now Blockfolio has joined those that are reshaping the cryptic winter. Anyone who bought Crypto in 2018 or at the end of 2017 will no longer want to open their Blockfolio app for fear of pain that will be displayed on the screen.
According to The Block, the small Californian team that produces the app has shrunk by almost ten percent and now has 37 employees. CEO Edward Moncado said it was a very difficult but inevitable decision considering the current bear market. The company also put aside its incubator program and stopped the contracts with five other people involved in the project.
The move comes despite a big series An increase in money three months ago. Luck has reported successful funding led by Pantera Capital in October, when the plan was to expand as well as being just a cryptographic monitoring app.
Questions have arisen as risk capital financing of over $ 11 million should have kept small businesses afloat. The sources cited extravagant expenses such as corporate lunches, sumptuous parties and even a trip of seven people to Prague to launch the 2.0 version of the app. Sources also told The Block;
"We did not need 40 people, look at delta.app [a competitor] – They have a dozen people. Why does Blockfolio need to grow like this? "
Moncado defended the expenses by declaring that they had been extremely thrifty adopting "proactive measures to ensure that we would have passed any market". Clearly these steps have not been significant enough and the monetization of its existing products has yet to be realized.
In addition to the crypto app, the team also launched Signal last year, a communication platform for token teams.
"The signal was a huge success, it was enthusiastically received by all the token team projects, it was the first of its kind, and you are now starting to see some scripts, but validating the product," added Moncado. However, the company blog has not been updated since November, so new developments are not shared with the public, at least through this platform.
Blockfolio may have just tightened the belt a little, but other companies like Bitmain, ConsenSys and Shapeshift are feeling the bigger shot as the snow deepens during the winter crypts.
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