Reports coming in today states that steemit Inc has laid off over 70% of its staff due to the ongoing bear in the crypto market. Their CEO and founder clearly stated in a video uploaded recently on YouTube that the will not be able to accommodate all the staffs that had worked for them when the market was all good, in this prolonged bear run.
While we were building out our team over the last many months we have been relying on projections of basically a higher bottom for the market and since that’s no longer there, we’ve been forced to lay off more than 70 percent of our organization and begin a restructuring.
However, the source did not reveal how many people had worked for steemit before the dismissal was proclaimed and it seems no body even cared to ask.
Ned narrowed his reason for taking such step to Bitcoin’s recent fall in price claiming that it would no longer be enough to cover up the “growing cost of running full steem nodes”.
Steemit Inc. have been in existence since March 2016, upon launch the project was one among the 6 largest cryptocurrencies with a market cap of $157 million but today has dropped down to as low as $106 million, occupying the 48th position on the rank.
In conclusion, the able CEO has sworn to do everything possible to make steemit Inc survive, and this step taken is just one step ahead to achieve his mission of making the platform survive the storm.