Ignite, formerly Tendermint, the developer of the Cosmos project, intends to lay off more than 50% of its employees, anonymous sources have reported.
According to them, the company has made the decision due to the current slump in the cryptocurrency market.
Some senior executives at the company reportedly left Ignite after its CEO, Peng Zhong, announced his departure on July 1 after seven years at the company.
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According to sources, other employees have resigned in exchange for severance pay. According to them, the company's founder, Jae Kwon, announced the possibility of layoffs in May after his return.
Tendermint, which was registered back in 2014, changed its name to Ignite in February this year. Kwon left the company in 2020 to launch the Virgo project and two years later regained ownership of the brand for a new initiative.