Valkyrie has laid off 30 percent of its staff in recent weeks

Digital asset manager Valkyrie has laid off 30 percent of its staff in recent weeks. Its workforce was about 23 people, but the market situation forced the manager to eliminate non-essential parts of its workforce.

The world economy is going through one of the worst times in years, even after overcoming a pandemic.. Inflation and lack of opportunities and resources, which still remain after the Covid-19 crisis, have forced many companies to lay off staff in order to stay in business. Web3 companies have not been spared and have been forced to reduce their workforce.

The latest company to announce massive layoffs was. Valkyrie Investments, Inc.. which have been seen forced to lay off 30 percent of their staff.. The layoffs occurred in recent weeks, and out of a staff of 23, only 16 finally kept their jobs.

Leah WaldCEO of Valkyrie, acknowledged in an interview with Bloomberg that they were holding positions above their means.

“Our management team conducted a thorough analysis of business growth to date and examined the role and contribution of each employee. Like many other companies in our industry, cuts were necessary and ours were limited to sales and marketing.“.

Last October, Valkyrie decided to liquidate the Balance Sheet Opportunities ETF, one of its Bitcoin balance sheet-based exchange-traded funds.. The main reason for the liquidation was the need for management’s constant review of the product to meet customer demands. The ETF was active for a period of less than one year.

Valkyrie was not the first and will not be the last company in the digital asset sector to be forced to make cutbacks. Coinbase announced last week they were forced to lay off 60 employees.However, this is a derisory number compared to the 1,100 workers laid off in June. Target was also one of the big companies that had to lay off some workers. The company announced a mass layoff of 13 percent of its workforce, about 11,000 fewer jobs in the Family of Apps (FoA) and Reality Labs sectors.

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