Australian blockchain firm Immutable has laid off 11% of the workforce, saying the firm needs to maximize its cash reserves, The Sydney Morning Herald has learned, citing an internal email from the firm's head.
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In the letter to staff, Immutable CEO and Co-Founder, James Ferguson, said the firm will now focus its resources on the most important projects. He added:
"This is difficult news, and I am sorry to all Immutables impacted by these changes. As CEO, I am deeply aware that these role eliminations will directly impact the lives of many, and I take full ownership for these actions."
The Sydney Morning Herald says for Immutable the past financial year was for from success as the Sydney-based firm reported in filings $18.4 million in earnings, while expenses reached a whopping sum of $56.6 million, including about $30.6 million for staff, freelancers and consultants.
A spokesperson for Immutable told the newspaper that the firm is still a "long-term holder" with $280 million in cash on its balance sheet. Founded in 2018, Immutable raised a total $279.8 million from 32 investors, according to data from Crunchbase.
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