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The Ethereum-based chat platform (ETH) is licensing 25% of staff due to the recent decline in the cryptocurrency market, according to a post published on December 11th.
Founded in 2017 in Switzerland, Status is a mobile app based on Ethereum open source that allows users to chat, transact and access decentralized applications (DApp).
In the announcement, the co-founder of the startup, Jarrad Hope, said that Status is "much bigger than we can sustain" in the declining market environment, where the company was not ready for the Ethics scenarios collapsing more than 80% from August.
"This has been exacerbated by the fact that we do not have solid bank partners because of the difficulty of opening bank accounts for encryption projects until the second quarter of this year, and since then they have been hedged," he continues. # 39; ad.
According to Status, 25% of staff are "not essential" for the company's long-term growth plans and are therefore dismissed. The remaining employees were asked to take a paycheck and would be given a sum of "SNT's native virtual currency" status to help offset the cut and align it with the success of the network. "
In order to create a "track measured in years", the State will draw its remaining fiat currency and the "large" holdings of ETH. The startup also asked the remaining employees to actively contribute to the development of its two priority projects, which have to "provide blank promises" and bring the app to a "usable state".
In November, another start-up based on the cryptocurrency, Steemit, has fired more than 70% of its staff due to the collapse of the cryptocurrency market and has initiated a structural reorganization. The recent decline in cryptographic markets has presumably involved a decrease in fiat currency yields from the company's STEEM token automated sales. Furthermore, the cost of running the Steem nodes has increased.
The cryptography market suffered a severe crash on November 14, with Bitcoin (BTC) falling from its average trading price of about $ 6.400 to a minimum of $ 5.506. This week, the main currency fell even lower, up to $ 3,199, while the lowest ETH price was $ 83.50.
At the time of the press, SNT is the 67th largest currency by market capitalization and trades at $ 0.0134, down 4.41% on the day. The market capitalization of the currency is about $ 47 million and its total supply is over 6.8 billion coins, according to CoinMarketCap.
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