Media: IGNITE will reduce staff by more than 50%

Ex-employees of the IGNITE (previously Tendermint) company, standing for the development of the COSMOS project, on the terms of anonymity, told Coindesk about the staff reduction by more than 50%.

According to sources, such a decision was made against the backdrop of negative phenomena in the cryptocurrency market.

Some top managers allegedly left the company after CEO Pan Zhong, who announced the departure of July 1 after seven years of work in IGNITE. He held the post of general director since May 2020.

Other employees quit in exchange for the weekend, say sources. According to them, the founder of the company Je Kwon announced the possibility of abbreviations in May after his return.

Registered in 2014 Tendermint rebranded by IGNITE in February 2022. Kwon left the company in 2020 to launch the Virgo project, and two years later returned the ownership of the brand for a new initiative.

According to media reports, the reduction will be affected by Huobi, Bybit and the regulated Hong Kong Congoin-Birzhi OSL Bitcoin.

The head of Binance Chanpen Zhao, on the contrary, called the Cryptosim the right time to expand the staff. The plans to increase the team have also been announced in Bitget https://gagarin.news/ru/news/goldman-sachs-and-a-collaboration-with-galaxy-digital/ , Bitfinex, Tether and Ripple.

Read the FORKLOG Bitcoin News in our Telegram-cryptocurrency news, courses and analytics.