Near Foundation Fires 40% of its Employees
The Near Foundation, creator of the layer-1 protocol that bears its name, has announced plans to lay off 40% of its staff.
This decision was made in order to streamline the team and focus on more impactful projects. The layoffs will affect 35 employees in the marketing, business development, and community teams.
The foundation acknowledges that it has not always been as efficient as it could be, and hopes that by consolidating its core team, it will be able to move forward more effectively.
The Foundation has pledged to support the affected employees in finding new opportunities within the NEAR ecosystem, the Web3 industry, and beyond.
Despite the layoffs, the Near Foundation’s financials remain strong, with a treasury of over $285 million in fiat currencies, 305 million NEAR tokens (worth over $1 billion), and $70 million in investments and loans.
