Lisk fires 40% of its workforce just before the holidays

Written by: Ali Raza
March 11, 2020
  • Cryptocurrency project Lisk (LSK) recently fired 40% of its staff.
  • The project's team dropped from 53 members to 32, with most of the remaining members working on research and development.
  • The project's officials claim that this was done to improve performance and agility, although the crypto community thinks that LSK might be failing.

The state of the crypto market is currently rather disappointing for a lot of people who had hopes that the end-of-the-year rally might arrive as December kicks off. Not only did the rally failed to arrive, but there are also some disturbing rumors going around, particularly when it comes to the crypto project called Lisk (LSK).

According to recent reports, Lisk has recently fired around 40% of its staff. Another rumor claims that the rest of the project’s employees are quitting the team, as well, although the company’s officials claim that it is all part of an attempt to improve efficiency.

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One post on Lisk’s subreddit claims that the firm recently fired 21 our of 53 employees. At the same time, three additional individuals that were considered for employment got notified that they will not be offered contracts.

The firm’s co-founder, Max Kordek, said that the terminations were made in an effort to prepare for 2020 when the project would use a smaller team to become more efficient and dedicated to development. That reduced the number of the company’s employees to 32. 19 of the remaining staff are supposedly attached to the research and development, while the rest are handling operations and marketing, as well as design and business development.

Is Lisk another failing project?

While Lisk continues to claim that the decision to lay off 40% of the staff was made to make the project better and agile, many among Lisk’s Reddit community believe that the project is failing. This idea seems to have settled in quite strongly, as even some of the most vocal supporters of LSK recently abandoned their efforts.

When it comes to the coin’s price, it performs relatively similar to the rest of the altcoins, in general. It suffered a 73% drop from its highest point in 2019, but that is not surprising, considering how the second half of the year developed. At the moment, the coin holds the rank of 56, with its price currently at $0.643. Meanwhile, its market cap is at $78.5 million, and its trading volume sits at $1.11 million.

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