Crypto Gaming Immutable Trimming 11% of its Workforce Cites Cash Reserve Maintenance
The Australian-based crypto gaming company Immutable cut off 11% of the workforce. According to the February 22 report, Immutable management disclosed plans to pursue important projects and maintain its cash reserve. In the previous trading year, the crypto gaming company raised a hundred million in a funding round to explore the non-fungible token (NFT) space and dominate the Web3 gaming industry.
Immutable Lay Off plans
The leading crypto gaming company in Australia, Immutable, reveals plans to downsize. A statement issued by Immutable chief executive James Ferguson on February 21 revealed that the firm would dismiss 11% of its workforce.
Ferguson acknowledged the affected staff’s contribution in attempting to create the next generation of Web3 games.
In his address, Ferguson regretted that the layoffs would diminish the quality of life of the dismissed employees. He reiterated that the quest to remain afloat necessitated the company to make a difficult decision of letting go of its workforce .
The February 22 report disclosed that Immutable group plans to restructure the company’s operation. The company prioritizes investing in Web3, blockchain, NFTs, and crypto assets to boost user experiences.
Additionally, the crypto startup plans to strike a partnership deal with fast-growing developers in the gaming industry.
Previously, Immutable dismissed 6% of its staff last July due to fluctuating crypto prices. After the dismissal the company engaged a Singapore-based investment company Temasek to launch a Series C funding round in 2022. The crypto gaming company generated $200 million from the funding round, raising the company value to $2.5 billion.
What are the Next Plans for the Dismissed Employees?
Beyond this, the Immutable management announced on February 22 to support the affected staff by compensating them with a ten-week redundancy payment. Based on the contractual agreement Immutable team exceeded the redundancy pay to the maximum limits to demonstrate their leniency to the departing team.
The company affirmed to continue supporting the dismissed staff by paying their health insurance. The affected staff are urged to retain their laptops and participate in the upcoming personal and career development programs.
Meanwhile, the crypto gaming firm aims at dominating the Web3 gaming industry by adopting emerging technologies. Therefore, the desire to attain its long-term objective necessitated the firm prioritizing the execution of core business.
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