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NEW YORK: the Blockchain PR and the Wachsman event company allowed 16 staff members to go to the offices in New York and Dublin.
The company employed over 110 people worldwide before the staff reduction, the agency confirmed last week.
According to the company statement, eight PR employees and minor events and four employees who were in charge of operational tasks in New York were left to retrain. In Dublin, two junior event staff members and two operations employees lost their jobs.
David Wachsman, founder and CEO of the company of the same name, said no one in his Singapore office, employing 15 people, was fired.
Wachsman said that the affected employees received remuneration and helped find new positions, including training for fake interviews, references and assistance with curriculum and job searches. He did not disclose if any of the affected employees had signed non-compete clauses.
Founded in 2015, Wachsman offers strategy, public relations, events and business development services to blockchain and emerging technology companies. The firm has worked with clients such as Lisk, Brave New Coin, Horizen, RNDR, Dash, Coindesk, ULedger, Orb, Steemit and Coinsource, among others, according to its website.
In January, New York The magazine's Intelligent Web site profiled Wachsman as a seller who saw his business explode along with the Bitcoin gold rush. The company opened an office in Dublin last spring.
However, the exuberance compared to cryptocurrencies and related blockchain technology has decreased dramatically in recent months, along with their value. Most of the top 100 cryptocurrencies by market capitalization are worth less than their peaks, according to the Coinmarketcap cryptocurrency statistics website.
Wachsman said that the instability of currencies linked to the blockchain had an effect on companies that provide industry assistance.
"The blockchain industry has historically been volatile and commercial operations have been influenced by the increase and decrease in bitcoin value," he said. "Bitcoin, which acts as a measure for the industry in general, has risen from $ 200 to over $ 500 in 2015, when Wachsman was founded, it has grown to almost $ 20,000 by the end of 2017 and is currently It ranges from $ 3,000 to $ 6,000 on a daily basis. As a result, many companies in space are experiencing knock-on effects. "
Wachsman did not explain how his company's revenues were affected by volatility or as a result of customers. Despite the recession, he claimed that his company "continues to engage in serving the blockchain industry and companies that embrace emerging technologies".
This story has been updated to correct the date Wachsman opened an office in Dublin and to correct his client list.
