Media: Ignite will reduce staff by more than 50%

Ex-employees of the company behind the development of the Cosmos project, Ignite (formerly Tendermint), on condition of anonymitytold CoinDesk about a staff cut of more than 50%.

According to sources, this decision was made against the background of negative phenomena in the cryptocurrency market.

Some senior executives allegedly left the company following CEO Peng Zhong, who announced his departure on July 1 after seven years at Ignite. He has been CEO since May 2020.

Other employees quit in exchange for severance pay, sources say. According to them, the company's founder Jae Kwon announced the possibility of layoffs back in May after his return.

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

Recall that state optimization was also announced in Coinbase, BlockFi, Сrypto.com, BitMEX, Robinhood, Gemini, Bitpanda, Bitso, Banxa and Abra.

According to media reports, the cuts will also affect Huobi, Bybit and the regulated Hong Kong bitcoin exchange OSL.

The head of Binance, Changpeng Zhao, on the contrary, called the crypto winter the right time to expand the state. Plans to increase the team were also announced in Bitget, Bitfinex, Tether and Ripple.

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