On Tuesday, November 7, Ava Labs revealed plans to reduce headcounts by 12%. The announcement stated that Ava Labs plans to reallocate its funds to the company’s core business.
A statement from Ava Labs chief executive Emin Gün Sirer demonstrated that the company plans to optimize the operation of the company. The CEO stated that the Ava Labs team plans to nurture the Avalanche ecosystem.
Ava Labs Reduces Employees Count
In his address, the executive lamented the bearish crypto market had exposed the firm to difficulties complicating Ava Lab’s efforts to maneuver the digital space. Despite the uncertainty in the crypto sector, Sirer admitted that Ava Labs has solidified its market position at a pivotal point to blossoming.
Reflecting on the current performance of Ava Labs, the executive noted that the company has accumulated substantial resources. The CEO added that the surplus resources will improve the Avalanche ecosystem and in global expansion.
In the latter, Sirer recognized the remarkable work done by the dismissed employees. A review of the past achievements demonstrated that the departing team started the Avalanche games from scratch and invested in developing the gaming sector to attain the desired success.
The CEO praised the outgoing team for leveraging their expertise towards the growth of the Avalanche games. Additionally, the dismissed team has portrayed their staunch support to Ava Labs during the bumpy crypto winter and economic slowdown.
Lay Offs Hits Ava Labs Marketing Team
Sirer applauded the laid-aside team for supporting Ava Labs in overcoming major crypto hurdles. Following the CEO’s remarks, the Avalanche native token AVAX’s recovery phase was disrupted. According to CoinMarketCap, AVAX dropped by 2.09% to trade at $12.76 in a day.
The downward trajectory dragged AVAX’s daily trading volume to reach $225 million, a 6.64% decrease within the last 24 hours. Consecutively,the AVAX market capitalization followed suit plummeting by 2.24% to reach $4.5 billion.
Reacting to the bearish momentum of AVAX, the community anticipated that the token would regain its bullish trend.
In an X post dating November 6, the former marketing official Zach Manafort described the layoff as a surprise to many. The ex-official believed that Ava Labs was starting to move in a direction that attracted success after the company revealed plans to expand to India.
Avalanche Eying for Indian Expansion
During the expansion to India, Avalanche pouched two executives from the best-performing exchanges, including OKX and Polygon. At that time, Avalanche anticipated that its entrance to India would support the mainstream adoption of crypto and blockchain technologies.
Having been part of the Avalanche community since 2020, Manafort admitted that before his departure, the company was at its growth stage. In the X thread, the Ava Labs vice president , Garrison Yang, revealed that the 12% reduction of staff counts would affect the marketing team.
The official stated that many Ava’s marketing team will be leaving office. As of press, Ava Labs has around 335 employees. Based on the statistics available on Ava Labs’ LinkedIn, it is evident that approximately 40 people have been dismissed.
In a separate X post, Brandon Suzuki, a team player at Ava Labs marketing department, announced his dismissal from office.
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