Dash Core Group Cost Cutting In ‘Crypto Winter’

dash core cutbacks

Dash Core Group to Lay Off Staff in ‘Crypto Winter’ Cost-Cutting Effort

The company behind cryptocurrency project Dash is to decrease its staffing levels in a cost-cutting effort induced by the “crypto winter.” Dash Core Group (DCG) CEO Ryan Taylor announced late last month that the company has actually chosen to lay off four employees throughout several business areas, 8 per cent of its staff, to “minimize expenses and align them with the available budget.”

As a result, the human resources department will no longer exist, 2 people will be leaving the strategy section and the business development team will be reduced by one person. The layoffs will enter into impact on March 7.

Taylor said :

“This was not a decision we took lightly and we’ve been actively finding ways to reduce the budget over the past several months.”

Dash is to reduce its staffing levelsDCG seems to have a total of 49 employees currently, according to information on its website.

The effect of the cryptocurrency bear market over the last year or so; has actually also seen some of DCG staff taking voluntary salary cuts and losing staff member benefits in order to “preserve the company’s monetary health” without increasing the total budget plan, Taylor stated. There has likewise been a hiring freeze in place for over six months at the firm.

“Our monthly payments for January invoices yielded approximately ~$67/ Dash, which is the most affordable price we’ve experienced since the ‘crypto winter’ began,” Taylor said. “We stay committed to keeping our proposal requests listed below 60 percent of the offered spending plan.”

With the staff changes, DCG further announced some operational modifications to its business functions. For example, human resources-related responsibilities will be moved mainly to the company’s chief monetary officer, Glenn Austin. Strategy projects will transition to each of the pertinent functions and Taylor himself will be taking a key function in business development.

Notably, last December Taylor maintained that DCG’s business is “sustainable.”

He said at the time:

dash news“DCG is not at risk of shutting down anytime soon, or of any significant cuts in staffing levels in the near term. We have a significant buffer in place to withstand the impact of the market bottom, whenever that comes.”

The firm is the current to reveal layoffs in the blockchain space as low crypto prices adversely affect business designs. Last month, smart contract auditing company Hosho cut 80 percent of its staff after business slowed in 2018. And, in January, blockchain project Nebulas axed 60 percent of its team, while the NEM Foundation also revealed planned staffing cuts

Mining giant Bitmain also announced layoffs in December, as did ethereum-focused startup ConsenSys.

Dash image via Shutterstock

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