Crypto Crisis Hits Steemit As It Lays Off Nearly 70% Of Team To Help Cut Costs Amidst Bear Market
Crypto Crisis: Steemit Lays Off Close To 70% Of Staff To Cut Operating Costs As Crypto Prices Go Down
There has not been a single day since the bear market has tightened its claws in the market that we do not have bad news. This time, they come from Steemit. The blogging company, which uses cryptocurrencies to rewards publishers and content curators, is facing a major crisis now as they will have to reorganize the whole company in order to survive.
The company has confirmed that it would lay off around 70% of its staff in a blog post. On the post, the blogging company affirms that Steemit is going through a structural reorganization because of the market. Its fiat returns are diminishing because of the growing costs and the bear market and the company is left with no choice but to aggressively cut costs in order to save itself.
Steemit affirms that it intends to use technology to automate some of the services that the staff did before and that their goal is to get even better while having the lowest cost in the industry, so they have chosen to go in this direction because it is simply more sustainable in the short term.
Basically, it looks like the company has been pushed to decentralize even more in order to remain in the market. In order to keep running its nodes and to focus their efforts on keeping a good product alive, they decided for restructuring.
The company has recently lost most of its revenue as, today, STEEM, its token, is worth only 4% of its all-time high price. While it is currently the 47th token in the crypto market, which is not necessarily a bad mark for an altcoin, the market lives one of its worse times, so the company is struggling to remain operational.