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Nov. 29, 2018

Reddit-like social network Steemit has fired approximately 70% of the team due to the current bearish crypto market, according to the official announcement from Founder and CEO Steemit, Ned Scott.

Steemit is a social media blockchain-based service where every blogger gets paid in local cryptocurrency, called Steem (STEEM).

Scott states that the remainder of the Steemit team will focus on “reducing the costs of the infrastructure running and our public APIs.”

“Given the weakness of the cryptocurrency market, the fiat returns on our automated selling of STEEM diminishing, and the growing costs of running full Steem nodes, we have been forced to layoff close to 70% of the team,” Scott said.

With massive layoffs, Steemit CEO hopes his platform can be “by far the best, and lowest cost, blockchain protocol” for application sustainability.

Steemit is far from being the only one who suffered from market decline, though, at press time, it's the only one crypto-related company that decided to find massive layoffs as its “salvation”. Recently, Novogratz’s cryptocurrency bank Galaxy Digital reported about losses in the amount of $136 million and still, there was no official announcement about massive job losses.

Earlier, U.S.-based big investment bank Goldman Sachs said that the current bearish crypto market is “really healthy for the ecosystem.”

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