Dash Core Group forced to lay off staff as the crypto winter takes its toll

05 Mar, 2019
by Richard Allen
News
Dash Core Group forced to lay off staff as the crypto winter takes its toll

Dash Core Group (DCG), the company behind the crypto project Dash, has announced that the prolonged bear market has resulted in the firm having to reduce staff levels in an effort to cut costs.

Ryan Taylor, CEO of Dash Core Group stated in an announcement at the end of last month that the firm would be laying off four employees “to reduce costs and align them with the available budget.” As a result, DCG will no longer have a human resources department, the strategy department will be reduced by two people, and one person will be leaving business development. The changes will come into effect on March 7.

Taylor said in response to the layoffs:

“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 last resort for DCG, which has stated that several staff members have taken voluntary salary cuts and eliminated employee benefits, all of which were in an effort to “maintain the company’s financial health without increasing our share of the overall Dash budget.” Taylor adds that a hiring freeze has been in place for the last six months.

“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 explains. “We remain committed to keeping our proposal requests below 60% of the available budget.”

Read more: What are the hottest cryptocurrency trends for 2019?

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Read more about: Dash (DASH)

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