DeFi Network Radix Lays Off 15% of Staff

The company that created the Radix decentralized finance (DeFi) platform, RDX Works, has laid off 15% of its staff, citing the need to reduce expenses.

The RDX Works CEO, Piers Ridyard, stated that the reductions are a component of a “broader range of adjustments that must be implemented.”

The Radix network will formally debut its mainnet in July 2023 and provide developer tools for creating and managing financial services and decentralized apps (DApps) on the blockchain.

In a statement posted on August 29 to the company’s official Telegram channel, the company’s CEO, Piers Ridyard, acknowledged that the personnel reductions are part of a “more comprehensive set of changes that need to be made” and are intended to “refocus.”

Cost-cutting is another of these. In light of this, RDX Works made the painful decision to cut its whole workforce by about 15%, which was completed today,” he stated.

Approximately seventy-one individuals have indicated on LinkedIn that they are employed at RDX Works in various capacities, including designers, ambassadors, cybersecurity analysts, and software engineers. It lists a few as independent contractors.

Important RDX initiatives, such as multifactor account persona control and recovery (MFA) and its test network Cassandra, according to Ridyard, are “unlikely to be affected” by the modifications.

He did acknowledge that there might be a short-term disruption to “some familiar faces or points of contact with RDX Works,” though.

“We work to make sure handovers are as smooth as possible, but ask for patience as things may be a little slower than usual over the coming days/weeks as we adjust.”

The information has yet to impact the Radix ecosystem token (XRD) significantly. According to CoinGecko, over the past day, the price of XRD has increased by 1% to $0.02352.

But since hitting its all-time high of $0.6513 on November 14, 2021, it has still dropped by more than 96%.

The recently disclosed collaboration contract follows the personnel layoff.

To bring flash liquidity to the Radix ecosystem, RDX stated on August 27 that it had formed a strategic development relationship with the creator of digital asset markets, Keyrock, asset manager G-20, and cryptocurrency high-frequency trading company Portofino.

“To make any crypto asset, regardless of its native blockchain, liquid and accessible within the ecosystem” is flash liquidity’s stated mission, according to RDX.

Around the same time as other companies in the cryptocurrency field, the company similarly laid off 25% of its workers in March 2023. However, most cuts were made to business support teams rather than technical positions.