Cryptocurrency exchange dYdX announces staff reduction by 35%

The decentralized cryptocurrency trading platform dYdX Trading has announced a 35% reduction in staff due to difficult market conditions and plans to develop in a new direction.

The company’s CEO Antonio Giuliano, who returned to the position in early October, noted that the company faced strong challenges throughout the year, including severe competition and tightening market conditions.

«It became obvious that we needed to revive the company and develop it in a new direction, otherwise it would simply disappear,» Giuliano said.

He also addressed those who were laid off.

«Today we said goodbye to many of you. To our friends and teammates. You are people who have invested years, dreams, and themselves in the company. You have been loyal teammates in good times and bad. I thank each and every one of you for what you have given to dYdX,» said the company’s CEO.

Following dYdX CEO’s announcement, representatives of other startups began to offer jobs in their projects to the affected specialists.

It is worth noting that despite this information, the DYDX token did not react to the news, and at the time of writing, it is trading near $ 1.05.

As it is known, dYdX Trading is the company behind the first-level blockchain dYdX Chain, which is powered by the Cosmos SDK and uses the Proof-of-Stake protocol.

In addition, in July, the platform’s domain was compromised due to an attack on the domain name service, which allowed the attacker to redirect users to a phishing site to steal Ethereum and ERC-20 tokens.

It is worth adding that the staff reduction at dYdX came shortly after ConsenSys reduced its staff by 20%, and the company’s CEO Joseph Lubin explained this decision by the difficult macroeconomic conditions and the need to adapt to the constantly changing crypto space.