Canadian blockchain developer Dapper Labs has reduced its headcount by 20% as the firm wants to "strengthen its position in the market" and better serve its communities, its Founder and Chief Executive, Roham Gharegozlou, said in a blog post.
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Those leaving the firm will get three months severance for full-time employees and extended stock option exercise window of two years. While the exact reason behind the layoffs remains undisclosed, Gharegozlou assured the firm remains in a "strong cash position with no outstanding debt."
"We are committed to our flagship products, tremendously excited about several major launches coming up this year, and more confident than ever that Web3 will remake digital life for the better for billions of people, over time," he added.
This is the second round of layoffs happening in the Vancouver-based firm over the last four months as in November last year Dapper Labs laid off around 22% of its employees. Back then, Gharegozlou said that the changes were made given the "macroeconomic environment."
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