The social media company blockchain dismisses staff following the collapse of cryptocurrency prices

The social media company Steemit is losing over 70% of its workforce while the drop in encrypted prices bites …

The significant pressure on cryptocurrency prices in recent weeks, in particular, is starting to sting more than investors. While investors have reduced their losses, the high losses recorded have practically exceeded the limit.

The social media platform Blockchain Steemit is one of the first to reveal how much the bite has had an impact on them. In a YouTube post, the CEO and founder of the company, Ned Scott, confirmed that the company must lay off nearly three quarters of its workforce as a result of market conditions.

"While we were building our team in the last few months, we have relied on fundamentally projections of a higher fund to the market," Scott said. "And since there is more, we have been forced to lay off more than 70% of our organization and start a restructuring"

He added in a blog post that "the rest of the team remains focused primarily on reducing the costs of the infrastructure that manages and our public APIs, ensuring that the community can stay informed about developments."

He firmly believes that Steemit has a future, adding that he has returned to the drawing board to figure out where to go next. It remains to be seen what will be the next chapter in Steemit's story. Likewise, only anyone else could affect the collapse of cryptocurrency prices.

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