- Dash Core Group will lay off four of the employees working in various business areas.
- “DCG is not at risk of shutting down anytime soon,” Taylor reassures.
Dash Core Group, the issuer of the cryptocurrency DASH is planning to discharge a substantial part of its staff to cut cost in the extended ‘crypto winter.’ The CEO of the company, Ryan Taylor mentioned in February that Dash Core Group will lay off four of the employees working in various business areas representing 8% of all its staff in order to “reduce costs and align them with the available budget.”
In this case, the human resource department is going to be scrapped. Moreover, the strategy department will see two people leave while the business development team will continue but less one person. The planned dismissal will take effect on March 7.
Taylor explained:
“This was not a decision we took lightly and we’ve been actively finding ways to reduce the budget over the past several months.”
The layoffs come as a result of the downtrend on the cryptocurrency market that has lasted for more than a year now. Already some of the 49 staff members are taking voluntary salary cuts while others have heard to let go of their employee benefits in order to “maintain the company’s financial health.” In addition to that, the company has frozen all hiring for six months now.
“Our monthly payments for January invoices yielded an average of ~$67 / Dash, which is the lowest price we’ve experienced since ‘crypto winter’ began,” Taylor said. “We remain committed to keeping our proposal requests below 60 percent of the available budget.”
Taylor, however, assured the community that Dash Core Group is not planning to close its doors anytime. The current decisions are to ensure the firm financial health remains intact amid the elongated ‘crypto winter.’
“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.”
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